UK over 50s travel insurance provider Staysure, has acquired the price comparison operation PayingTooMuch.
Staysure has acquired a controlling stake in Eclipse Financial Holdings Limited, the owners of PayingTooMuch.com in a move which it says will allow the firm to access new markets.
it follows the recent acquisition of Avanti travel insurance, which has since doubled in size. The firms said the Avanti deal had enhanced the group’s product offering and strengthened its position as the leading provider in the highly competitive travel insurance marketplace.
Effective immediately, the deal allows Staysure to enter into the price comparison market delivering competitive products and services to the ever-growing number of over 50s in the UK. The partnership will result in the insurance specialist increasing the group customer base to over two million.
The PayingTooMuch.com brand, offers a range of insurance products, including Travel, Car, Home, Life and Health cover. It will continue to be managed as a standalone business under the leadership of Managing Director, Michael Ward.
PayingTooMuch.com began trading in July 2011 and will reach £10m in gross written premiums (inc IPT) in 2019.
Ryan Howsam, Staysure’s Chairman, (pic) said: “This deal strengthens our position as the market leader. Staying as a standalone brand, PayingTooMuch.com has the opportunity to capture markets which we don’t currently operate in and we’re extremely excited to be working with Mike and his team to help them grow and expand with us.
Michael Ward, Managing Director of PayingTooMuch.com, added, “We are very pleased to be joining the Staysure family, with our combined knowledge and expertise we have a great future ahead. My team have worked hard to grow the PayingTooMuch.com brand and are now looking forward to evolving it further in this great partnership that our customers will benefit from.”