Zurich has taken another great leap in the travel insurance market by completing its purchase of Halo – a specialist, UK-based online rental car insurance platform.
The acquisition of Halo follows Zurich’s purchase of Cover-More earlier this year. The deal allows Zurich to compete in the US$74 billion global car rental insurance market. The innovative product allows customers to insure their vehicle through mobile and online functionality.
Together, Zurich and Halo will develop existing personal lines retail partnerships. Halo will keep its branding and report to Cover-More.
“Halo is a recognized leader in their market,” said Giovanni Giuliani, Group Head of Strategy, Innovation and Business Development. “Following Cover-More, the Halo acquisition represents yet another milestone in diversifying our traditional home and car insurance retail business, enabling us to provide our customers innovative propositions in a market that is ripe for disruption within and beyond travel”.
As well as its rental car insurance product, Halo has recently launched InsureTheGap.com, which provides guaranteed asset protection insurance, accessed through Halo’s online platforms.
Mike Emmett, Group Chief Executive Officer, Cover-More Group commented: “Halo is an exciting company as they’ve proved over the past few years, particularly in their capacity as a
consumer champion and market disruptor. That was what attracted us to look at Halo in the first place”.
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