Cover-More

Cover-More Travel Insurance
Public
Traded as CVO
Industry Travel Insurance
Headquarters Sydney, Australia
Number of employees
 400 (2012)
Parent Cover-More Group
Website covermore.com.au

Cover-More Travel Insurance, part of the Cover-More Group,[1] is one of Australia’s largest travel insurers.[2][3][4] Cover-More Group is a travel and medical insurance provider based in Australia.[5] The company holds approximately 40 percent of Australians’ travel insurance policies,[2][6] and has over 1.8 million customers.[7] Cover-More has locations in Australia, New Zealand, China, and the United Kingdom and employs over 400 people.[8][9]

History

Cover-More is a division of Cover-More Group Ltd., a group of travel and medical insurance companies established in 1986, based in Sydney, Australia.[10][11] Cover-More entered an agreement in 2009 with Munich Re Group. As part of the agreement, Munich Re would underwrite insurance policies by Cover-More.[12]

The company expanded into Asia when it acquired Assistance Online, a medical and travel assistance company based in Shanghai, in March 2012.[13][14] Assistance Online provides coverage in China, Hong Kong, Singapore, Macau, Taiwan and Mongolia.[13]

In April 2013, Cover-More launched a global SIM card which allowed Australian travelers to save money on call and data rates versus standard roaming rates. The SIM is prepaid, compatible with most mobile phones and tablets, and works in more than 100 countries.[15] Later that year, Cover-More renewed its partnership with Munch Re, which handed all underwriting responsibilities to Munich Re’s company Great Lakes Australia.[11] In November 2013, Cover-More partnered with Indian company TrawellTag.[16]

Before Cover-More went public, Crescent Capital Partners owned 82.7 percent of the company. Crescent Capital would own 13 percent of the company after the initial public offering (IPO) in December 2013.[17][18] At that time, it was the first and only Australian travel insurance provider to list on the Australian Stock Exchange.[19] Cover-More reported earnings of $13.3 million in 2013.[17] In June 2014, Cover-More announced a partnership with Qunar, a Chinese online travel agency.[20]

References

  1. ↑ Krupa Vora (November 28, 2013). "TrawellTag India ties up with Australia’s Cover-More". Travel Daily. Retrieved May 18, 2015.
  2. 1 2 Jamie Freed (March 30, 2015). "Cover-More lifts the price of travel insurance policies". Sydney Morning Herald. Retrieved May 18, 2015.
  3. ↑ Jamie Freed (March 29, 2015). "Cover-More lifts the price of travel insurance policies". Financial Review. Retrieved May 18, 2015.
  4. ↑ "Overseas travellers losing out on travel insurance for mobile phones". News.com AU. June 30, 2013. Retrieved May 18, 2015.
  5. ↑ Chris Pash (September 4, 2014). "Biotech, Retail Electronics, Insurance And Auto Parts Investments Win Top Billing In Australia's Venture Capital Awards". Business Insider. Retrieved May 18, 2015.
  6. ↑ "Cover-More Offers Attractive Travel Insurance Exposure". Nine MSN. February 11, 2014. Retrieved May 18, 2015.
  7. ↑ "Cover-More Travel Insurance". Travel Expo. Retrieved May 18, 2015.
  8. ↑ "Cover-More". OSHC Compare. Retrieved May 18, 2015.
  9. ↑ "Cover-More Travel Insurance appoints global digital partner". mUmbrella. September 26, 2012. Retrieved May 18, 2015.
  10. ↑ "Company Overview of Cover-More Insurance Services Pty Ltd". Bloomberg. Retrieved May 18, 2015.
  11. 1 2 "ERV and Munich Re Australia renew the partnership with the Australia based insurance agency Cover-More for another five years". My News Desk. July 4, 2013. Retrieved May 18, 2015.
  12. ↑ "Cover More Travel Insurance Reviews". Insurance Pick. Retrieved May 18, 2015.
  13. 1 2 "Cover-More buys Shanghai medical assistance company". Insurance News. March 5, 2012. Retrieved May 18, 2015.
  14. ↑ Rebecca Ng (February 29, 2012). "Munich Re-Owned Australian Travel Insurer Seeks Asia Expansion Through China Acquisition". Annuity News. Retrieved May 18, 2015.
  15. ↑ "Cover-More launches free Global SIM for Australian travellers". ETB Travel News. April 24, 2013. Retrieved May 18, 2015.
  16. ↑ Rashmi Pradhan (November 29, 2013). "TrawellTag partners with Australia’s Cover-More; rebranded as 'TrawellTag Cover-More'". Travel Biz Monitor. Retrieved May 18, 2015.
  17. 1 2 Ruth Liew (February 26, 2014). "Cover-More travel insurance group still on track, says CEO Peter Edwards". The Sydney Morning Herald. Retrieved May 18, 2015.
  18. ↑ Clancy Yeates (December 3, 2013). "Cover-More travel insurance to float". The Sydney Morning Herald. Retrieved May 18, 2015.
  19. ↑ "Cover-More may list on ASX". Travel Daily. August 28, 2013.
  20. ↑ Martin Kelly (June 19, 2014). "Cover-More Confirms Oz Slowdown, Aims for Asian Growth". Travel Trends. Retrieved May 18, 2015.
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