Cover-More buys Shanghai medical assistance company
Cover-More Group has bought Shanghai-based medical assistance company, Assistance Online, as part of a push into Asia.
Assistance Online is Cover-More’s first acquisition in the region.
CEO Peter Edwards told insuranceNEWS.com.au the group has strong growth ambitions in Asia, which is expected to show the world’s strongest growth in leisure and business travel in the next 5-10 years.
“We see extending our medical assistance capability as fundamental to those ambitions, so this was a logical initial acquisition for us.”
Assistance Online employs more than 30 people and provides medical and travel assistance and third-party administration services from 24-hour call centres in Shanghai and a network of providers in China, Hong Kong, Singapore, Macau, Taiwan and Mongolia.
The company has been privately owned by two people since its establishment in 2004. The purchase price is not being disclosed.
Mr Edwards says Assistance Online’s clients include insurance companies and multinational corporations in Asia and worldwide.
The combined group will extend the level of assistance available for inbound and outbound leisure travellers and corporate travellers in China and throughout Asia and the Pacific.
“Our acquisition of Assistance Online is a strategic move for us as emergency medical assistance is the core reason that people buy travel insurance, so we aim to be a leading provider of that capability throughout Asia,” said Mr Edwards.