Saturday, July 20, 2024

Explorer Insurance Strengthens Position with Stake in Status Insurance Management

Explorer Insurance Services, the owner of popular UK travel insurance brands Explorer Travel Insurance and TravelTime Travel Insurance, has announced its acquisition of a stake in Status Insurance Management Ltd (“Status”). This strategic move aims to fuel the growth of Status as it expands organically and capitalises on new opportunities in the travel insurance market.

Founded in 1984, Status is a specialist travel insurance intermediary that operates across Europe and holds the status of a Lloyd’s Coverholder in both the UK and the EU. Through its Europesure Travel Insurance brand, Status offers coverage to residents of the UK and EU. With operations in Cyprus and the UK, the company distributes its products through an established network of European insurance brokers and travel agents, as well as online channels.

Paul O’Sullivan, Director of Status, expressed optimism about the acquisition, stating, “We are witnessing robust demand for high-quality travel insurance products across Europe. In addition to our flagship Europesure product, we have exciting new programs in the pipeline. The added expertise and resources from the Explorer team will enable us to progress rapidly.”

Ian Jennings, Managing Director of Explorer, highlighted the promising prospects in the European travel insurance market and expressed confidence in Status’s existing leadership. He commented, “The Status Directors have done an exceptional job in building the business thus far, and I eagerly look forward to supporting their ambitious growth plans.”

Status will maintain its current organisational structure, led by Directors Paul O’Sullivan and Ian Atkinson, who will soon be joined by Ian Jennings.

Through this strategic partnership, Explorer Insurance aims to strengthen its position in the travel insurance industry while leveraging the growth opportunities presented by the European market. The collaboration between these two reputable companies sets the stage for mutual success and continued excellence in delivering travel insurance solutions.

Elliot is the Editor at ABCMoney. He manages a team that writes and contributes to many leading publications across a number of industries.

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