Travel insurer Cover-More has announced the departure of its CEO, at the same time as unveiling an expansion into the US.

Peter Edwards, who has been Group CEO since 2011, will leave later this year for personal reasons, to be replaced by Mike Emmett, who starts on July 4.

Mr Emmett has extensive financial services and insurance experience, having most recently held the role of group executive operations at QBE.

Cover-More, which listed on the Australian Securities Exchange in 2014, says it has started sales in the US through a partnership with Flight Centre Travel Group, with distribution across 275 stores.

It is expected to represent sales of $30 million in the first year.

“This amount of first-year revenue will make Cover-More’s US operations the third-largest travel insurance business by volume in the group,” Mr Edwards said.

Cover-More says it is also close to agreeing a new underwriting model with Munich Re that will “reduce volatility”.

In an update to the Macquarie Conference, the insurer reports gross sales growth of 6% in Australia and 12.1% in Asia, thanks to strong performances in India and China.