Zurich snaps up UK insurer Halo after Cover-More takeover

Swiss insurance giant Zurich has acquired UK-based rental car insurance firm Halo to expand its travel offering.

The acquisition of Halo follows the purchase of Australian travel insurer Cover-More earlier this year for A$741 million ($565 million).

The Halo deal allows Zurich to enter the $74 billion global car rental insurance market, according to the statement.

Zurich said that it will work closely with Halo to develop its business with a focus on its existing personal lines retail partnerships. Halo will retain its branding and will report into Cover-More.

"Halo is a recognised leader in their market," said Giovanni Giuliani, group head of strategy, innovation and business development. "Following Cover-More, the Halo acquisition represents yet another milestone in diversifying our traditional home and car insurance retail business, enabling us to provide our customers innovative propositions in a market that is ripe for disruption within and beyond travel."

Mike Emmett, group chief executive officer at Cover-More Group, added: "Halo is an exciting company as they’ve proved over the past few years, particularly in their capacity as a consumer champion and market disruptor. That was what attracted us to look at Halo in the first place."

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