​Australian insurance firm expands into UK with MGA acquisition

Australian insurance firm Open has revealed that it is entering the UK market with the acquisition of managing general agent (MGA) So-Sure.

So-Sure is a mobile phone and contents insurance specialist that has offices in London and Norwich.

The acquisition will see Open leverage the MGA’s products to bolster its embedded insurance proposition and begin growing across the UK.

Jason Wilby, chief executive of Open, said: “The acquisition of So-Sure is a key step in our strategy to expand our global footprint and deliver unparalleled insurance experiences.

“We sought a partner with a culture that could align seamlessly with Open’s mission to deliver the best insurance experiences.

”We’ve been engaging with the So-Sure team for some time now and have continued to be impressed with their focus on customer experience.

”We’re now looking forward to working together with the team and So-Sure’s partners to deliver market-leading embedded insurance in the UK and Europe.”

Embedded insurance

Embedded insurance is a way for firms to include insurance policies as an add-on as part of a digital sale.

Open felt that embedded insurance was emerging as a high-growth distribution model driven by regulatory changes, technological advancements and shifting consumer expectations.

In turn, So-Sure felt being acquired by the firm ”represents an exciting opportunity”.

“We are delighted to join forces with Open,” said Dylan Bourguignon, chief executive of So-Sure.

“Open’s commitment to customer-centricity and innovation aligns seamlessly with So-Sure’s core values, making the acquisition a natural fit for both companies.

“This acquisition represents an exciting opportunity for us to align with a company that shares our ambitions for the future of insurance.”