It was in late 2019 when the wider business became a majority stakeholder of PTM; now, with PTM founder and managing director Mike Ward looking to step down, Staysure Group snapped up the remaining shares it didn’t previously own.
“I am proud of what we’ve achieved at PTM in the last 11 years, establishing a competitor in the travel insurance price comparison market, built on exceptional customer experience,” said Ward, who has grown the company to serve more than 50,000 customers a year.
“I believe now is the right time for Staysure Group to take the business through its next phase of growth in the coming years, and I look forward to watching the business go from strength to strength.”
The completed sale of PTM’s outstanding shares will see Staysure Group broaden the range of insurer brands available on the platform. The goal is to make PTM the UK’s leading travel insurance aggregator.
“I’d like to thank Mike for having the trust in us to take a business he started 11 years ago to a new level of growth,” stated Staysure Group founder and chief executive Ryan Howsam. “We are excited by the challenges the price comparison market presents, and we believe it offers a fantastic opportunity for PTM to disrupt the market and give customers an even better deal.”
The transaction, financial terms of which were not disclosed, was finalised on September 15.
