As the baby boomer generations of 1945-65 reach a certain age, the potential for selling travel to retirees and those celebrating landmark birthdays increases. One thing older travellers need is insurance, especially if they have a medical condition. This is interesting news from Staysure, one of the market leaders in over 50s travel cover;
Staysure, the UK’s No.1 over 50s travel insurance provider, has announced that it has acquired a controlling stake in Eclipse Financial Holdings Limited, the owners of PayingTooMuch.com
The strategic move will build on its recent acquisition of Avanti travel insurance, which has since doubled in size and will both enhance the group’s product offering and strengthen its position as the leading provider in the highly competitive travel insurance marketplace.
Effective from November 2019, the deal allows Staysure to enter into the price comparison market delivering competitive products and services to the ever-growing number of over 50s in the UK. The partnership will result in the insurance specialist increasing the group customer base to over two million.
The PayingTooMuch.com brand, which offers a range of insurance products, including Travel, Car, Home, Life and Health cover will continue to be managed as a standalone business under the leadership of Managing Director, Michael Ward.
PayingTooMuch.com began trading in July 2011 and will reach £10m in gross written premiums (inc IPT) in 2019. The Tangmere based company prides itself on delivering exceptional customer service and has over 28,900 reviews on Trustpilot, rating them as Excellent.
Ryan Howsam, Staysure’s Chairman, said: “This deal strengthens our position as the market leader. Staying as a standalone brand, PayingTooMuch.com has the opportunity to capture markets which we don’t currently operate in and we’re extremely excited to be working with Mike and his team to help them grow and expand with us.
Michael Ward, Managing Director of PayingTooMuch.com, added, “We are very pleased to be joining the Staysure family, with our combined knowledge and expertise we have a great future ahead. My team have worked hard to grow the PayingTooMuch.com brand and are now looking forward to evolving it further in this great partnership that our customers will benefit from.”
Existing PayingTooMuch.com policies remain unchanged and insurance representatives will be contacting all customers ahead of their annual policy expiry dates.