Traveller Assist Ltd. has announced today the sale of its assets and intellectual property for an undisclosed amount.
Included in the sale is international payment and insurtech platform, Payr, that was launched by Traveller Assist in 2018 to facilitate local currency transactions to network providers in complex regions around the world, and to-date has paid over £7 million in claims payments on behalf of insurers, employers and educational institutions.
In a separate agreement signed in May, Traveller Assist agreed to sell its MENA contracts and assets, including its ‘Defense Base Act’ operations, to a separate privately owned company.
Traveller Assist has been a leading medical and security assistance provider with a niche focus on complex environments, employing 37 staff and retaining a further 30 ground agents around the world, with annual combined revenues of £13.7 million.
Shareholders, Danny Kaine and Jonathan Bancroft have exited the company.
“We are humbled to have received several offers of interest to acquire Traveller Assist over the past 12-months, and I am extremely pleased to have agreed a buyout by an insurer who recognises and understands the key for travel insurers to survive and thrive in a volatile market is to control their own assistance and claims capabilities; increasing both profits and customer satisfaction.” said, Danny Kaine. “I want to extend my sincere gratitude to all employees. Your efforts, hard work and loyalty over the years helped to position the company as a market leader, build trust with clients and expand our capabilities and market share. We are very grateful for your commitment to excellence and wish you all of the success in the future as you embark on a new career with an excellent employer.”
Jonathan Bancroft commented, “I am proud of all that we have achieved over the past five years and grateful for the unwavering trust our clients have placed in us on some truly exceptional and challenging requests in remote and hostile environments around the world. Our team have never once failed to provide a suitable outcome to any assistance request and in over fifty thousand case activations, all but three were successfully answered within fifteen minutes of receiving them. I am confident that our processes, methods, systems and staff will continue to produce excellent results and give the purchasing company the edge in a competitive market.
Contracts have been exchanged and completed in relation to these acquisitions.
This deal is one of several the purchasing company are making as part of their growth strategy and due to the commercial sensitivity of these acquisitions, they will be making their own announcements in due course.
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