Humania Assurance announces the acquisition of all Tour+Med assets
Acquisition increases Humania’s presence in the travel insurance industry
Saint-Hyacinthe, QC (Aug. 13, 2019) – Humania Assurance is proud to announce the acquisition of all of Tour+Med’s assets.
Created by Mr. Daniel Provencher in 1996, the company providing Tour+Med travel insurance products has an administrative centre in Trois-Rivières, Quebec, and an assistance subsidiary in Florida, USA. Tour+Med is a renowned player in the Canadian travel insurance business, for both short and long trips. Its personalized approach answers the needs of Baby Boomers and Canadian travellers who are declined coverage by other carriers due to age or pre-existing medical conditions. Tour+Med has become a leader in this segment.
Humania Assurance and Tour+Med have been working in close collaboration over the last 10 years.
“This is a natural and obvious transaction,” said Pierre St-Onge, the new Principal Officer of Tour+Med. “Humania Assurance, our underwriter, has a long expertise in living benefits and they wanted to expand their activities, while we were looking for ways to accelerate our growth in Canada.”
“This acquisition promises a synergy increase,” said Stéphane Rochon, President and Chief Executive Officer of Humania Assurance. “Our expertise in digital development, combined with Tour+Med’s expertise in travel insurance, will allow us to enhance our service offer considerably, for both individuals and groups. Since the launch of our cancer insurance 5575.ca, we wish to complement and increase our range of products offered to Canadian retirees, a market segment that surely needs it.”
“This transaction will help us combine our respective distribution networks,” added Pierre St-Onge. “We also plan on developing new solutions for all of the actors of this industry, such as firms and actuaries involved in the group insurance business. Although we play an important role in the Snowbird travel insurance business, we operate on many other sectors and Humania Assurance’s upcoming input will accelerate our diversification.”
Following this transaction, Mr. Pierre St-Onge remains a shareholder and will continue to be in charge of the travel insurance sales and operations.
About Humania Assurance
Humania Assurance is a mutual that has been developing insurance solutions suited for the needs of Canadians for more than 75 years. It conceives innovative insurance protections available online, in order to simplify and accelerate the underwriting process, at a competitive price. The success of this strategic orientation now allows Humania Assurance to explore new technologies and to provide products that are centred on user experience to all Canadians. For more information, visit www.humania.ca.
About 5575
This new portfolio of insurance products for people aged 55 to 75 was launched a few months ago. It will include several protections, including cancer protection which allows to receive a lump sum following the diagnosis of a covered condition. In just a few minutes, a contract is automatically issued on the Web, without any medical test. For more information, visit www.5575.ca.
Source: Humania Assurance
Tags: Acquisition, Humania Assurance, Tour+Med, travel Read the original article at Insurance-Canada.ca