Ignyte Insurance has acquired InsureMyTrip, adding a major U.S. travel insurance marketplace to its expanding global portfolio of travel and travel medical insurance businesses.
InsureMyTrip has helped more than 6 million travelers compare and purchase insurance coverage and joins five other Ignyte travel brands: ISO Student Health Insurance, Envisage Global Insurance, AllClear, InsureandGo and International Student Insurance.
Founded in 2000 and headquartered in Warwick, Rhode Island, InsureMyTrip was an early entrant in the online travel insurance marketplace.
Its digital platform allows consumers to research and compare coverage across trip cancellation, travel medical, evacuation, cruise, student travel and annual protection plans.
InsureMyTrip has generated more than 100,000 customer reviews with an average rating of 4.7 out of 5, and Ignyte said the company has an industry-leading repeat customer rate.
InsureMyTrip will continue operating under its existing brand and through its current network of insurance carrier partners.
Ignyte plans to provide additional capital, technology, digital capabilities and operational resources to support the company’s continued expansion.
Across its businesses, Ignyte manages more than $650 million in premium and serves millions of customers across the U.S., UK, Europe and Australia. The company said it has completed more than $4 billion in transactions.
KEY QUOTES:
“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. InsureMyTrip is a natural addition to that portfolio. It has tremendous brand equity, longstanding carrier relationships and a loyal and growing customer base built over 25 years. We see significant opportunity to invest behind that foundation and bring Ignyte’s resources and capabilities to bear to help the business accelerate its next stage of growth.”
Geof McKernan, CEO of Ignyte Insurance
“InsureMyTrip was one of the early innovators in this space and has remained at the forefront of how consumers shop for travel insurance. We acquire great businesses because we believe in what they have already built and see an opportunity to help them achieve even more. We are excited to welcome InsureMyTrip to the Ignyte family of brands and support the team as it continues to innovate, scale and serve travelers for years to come.”
Geof McKernan, CEO of Ignyte Insurance
