Staysure Limited has announced that it has acquired rival travel insurer Avanti.
Effective from 16th August 2017, the deal with Avanti further strengthens Staysure’s position in the highly competitive insurance marketplace and reinforces its credentials as the UK's leading over 50s travel insurance provider.
The purchase will result in the insurance specialist acquiring a considerable customer base, bringing the group total to almost two million. The Avanti brand, which offers a range of insurance products, will continue to be managed as a standalone business under the guidance of Managing Director, Chris Little.
Avanti Insurance Limited started trading in 2009 and has grown to gross written premiums including IPT of £11.1 million in 2016. The acquisition of Avanti further builds on Staysure’s success in the over 50s insurance market. The acquisition also provides greater opportunities to cross-sell relevant travel, insurance and lifestyle products to its ever-expanding customer base.
Ryan Howsam, Staysure's Chairman, said: "This is a deal that we're very pleased to have concluded buintent to continue to lead the sector through growth in our specialist area of expertise and ongoing product innovation. The move will strengthen both Staysure and Avanti’s position in the market”.
"We welcome Avanti’s customers into the Staysure family and will continue to provide them with the exceptional service and great value that they are accustomed to. Avanti will benefit from further investment to enhance its offering, products and customer services. The Avanti range of insurance products will also allow us to bring further choice to Staysure customers.”
Glen Smith, CEO of Avanti added, "I am proud of how the Avanti brand has grown over the past few years and the great customer service provided. I believe I've passed it on to a great new home which will see it go from strength to strength".
Existing Avanti policies remain unchanged and insurance representatives will be contacting all customers ahead of their annual policy expiry dates.