CONSHOHOCKEN, PA — Ignyte Insurance acquired travel insurance marketplace InsureMyTrip, adding a business that has served more than 6 million travelers as the specialty insurance platform expands its portfolio of travel-focused companies in the U.S. and international markets.
Financial terms of the transaction were not disclosed.
InsureMyTrip becomes the sixth established travel brand in Ignyte’s portfolio, joining ISO Student Health Insurance, Envisage Global Insurance, AllClear, InsureandGo and International Student Insurance.
The acquisition expands Ignyte’s exposure to the digital travel insurance market, where consumers can compare policies across multiple carriers and purchase coverage online.
“Travel is an important and growing part of Ignyte’s strategy, and we have been steadily building a portfolio of highly regarded businesses that serve travelers across markets around the world,” Chief Executive Officer Geof McKernan said.
Founded in 2000 and based in Warwick, Rhode Island, InsureMyTrip operates an online marketplace for comparing and purchasing policies from multiple insurance providers. Its offerings include trip cancellation, travel medical, evacuation, cruise, student travel and annual coverage.
The company has served more than 6 million travelers and accumulated more than 100,000 customer reviews, with an average rating of 4.7 out of 5, according to Ignyte.
InsureMyTrip will retain its existing brand and continue serving customers through its network of insurance carrier partners following the acquisition.
Ignyte plans to provide additional capital, technology, digital capabilities and operational resources to the business as it seeks to expand InsureMyTrip’s operations.
“We acquire great businesses because we believe in what they have already built and see an opportunity to help them achieve even more,” McKernan said.
The transaction adds to a travel insurance portfolio spanning the U.S., UK, Europe and Australia. Across its businesses, Conshohocken-based Ignyte manages more than $650 million in insurance premium and serves millions of customers worldwide.
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