It now has an opportunity to grab a foothold in the price comparison market
Travel insurance specialist Staysure has snapped up a controlling stake in the owners of price comparison site PayingTooMuch.com.
Staysure, which has been an Insurance Times/IMAS Top 50 Broker, will take a controlling stake in Eclipse Financial Holdings Limited which owns the aggregator.
Staysure believes the move means it can grab a foothold in the price comparison market by delivering competitive products to over 50s, boosting its group customer base to over two million.
PayingTooMuch.com currently offers travel, car, home, life and health cover - all of which will continue to be managed as a standalone business under the leadership of managing director Michael Ward.
The aggregator has £10m gross written premium.
Staysure says the move will also build on its recent acquisition of Avanti travel insurance, which has since doubled in size.
Staysure chairman Ryan Howsam 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.”
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