Cover-More Group is a global travel insurance and medical assistance provider headquartered in Australia. The group was acquired by Zurich Insurance Group in April 2017. Cover-More is Australia's leading travel insurance and medical assistance provider with more than 40% share of the market. The group also has leading market positions in India and the USA where Cover-More owns Travelex Insurance Services. The global group has more than seven million customers and employs more than 1500 people. Cover-More has operations in Australia, New Zealand, India, China, Indonesia, Italy, Malaysia, France, the Netherlands, Spain, Germany and the United Kingdom and the USA.
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History
Cover-More is a division of Cover-More Group Ltd., a group of travel and medical insurance companies established in 1986, based in Sydney, Australia. Cover-More entered an agreement in 2009 with Munich Re Group. Zurich insurance is the current underwriter for insurance policies issued by Cover-More.
The company expanded into Asia when it acquired Assistance Online, a medical and travel assistance company based in Shanghai, in March 2012. Assistance Online provides coverage in China, Hong Kong, Singapore, Macau, Taiwan and Mongolia.
In April 2013, Cover-More launched a global SIM card which allowed Australian travelers to save money on call and data rates versus standard roaming rates. The SIM is prepaid, compatible with most mobile phones and tablets, and works in more than 100 countries. Later that year, Cover-More renewed its partnership with Munch Re, which handed all underwriting responsibilities to Munich Re's company Great Lakes Australia. In November 2013, Cover-More partnered with Indian company TrawellTag.
Before Cover-More went public, Crescent Capital Partners owned 82.7 percent of the company. Crescent Capital would own 13 percent of the company after the initial public offering (IPO) in December 2013. At that time, it was the first and only Australian travel insurance provider to list on the Australian Stock Exchange. Cover-More reported earnings of $13.3 million in 2013. In June 2014, Cover-More announced a partnership with Qunar, a Chinese online travel agency.
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References
Source of article : Wikipedia
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