Tour operator travel insurance supplier Trip Mate has been acquired by Generali Global Assistance, a division of the Europ Assistance Group.
GGA paid an undisclosed sum to acquire the firm from Arthur J. Gallagher & Co.
The TripMate acquisition will significantly boost GGA’s US presence in the travel insurance market.
It will give it a market share of about 13-14%, making it the third largest behind AIG Travel Guard and Allianz, said Generali CEO Chris Carnicelli.
"We are currently the leader in the vacation rental segment of travel insurance and they are leaders in the tour operator space, and we like that because we think that that focus is necessary to deliver the right product and value proposition to clients," Carnicelli said.
Kansas City based Trip Mate will continue operating under its own brand name.
