ICG invests in Staysure Group

Asset manager ICG has announced that its European mid-market team has invested in UK travel insurance specialist Staysure Group.

The deal will see ICG support Staysure’s growth trajectory via expansion of its distribution channels.

ICG will also help the firm bolster its pricing and marketing capabilities through the use of enhanced technology, data and artificial intelligence (AI).

The terms of the transaction have not been disclosed and are subject to regulatory approvals in the UK and Gibraltar.

However, the asset manager did reveal that it will work alongside Staysure’s founder Ryan Howsam, who will remain as majority shareholder.

“This marks a significant milestone for us, one that reflects our dedication to growth and expansion,” Howsam said.

“It is also a great testament to the loyalty and hard work that our employees have delivered to both the group and our customers over the years.

“We’re thrilled to welcome ICG as investors and partners into the Staysure family to support the next phase of our successful growth journey. The partnership enables us to access ICG’s significant capital and experience, whilst at the same time ensuring further stability for our employees and suppliers.”

’Well-poised’

Staysure was founded in 2004 and focuses on older individuals, as well as those with pre-existing medical conditions.

Its portfolio of brands and products includes Avanti travel insurance and Rock, a business-to-business travel insurance offering.

Finn Walsh, chief executive of Staysure, said ICG were “well placed to accelerate our organic growth and acquisition-based strategy”.

Mark Piasecki, managing director at ICG, added: “We see further structural growth in Staysure’s core market of PEMC travel insurance and with that presents an opportunity to build on the company’s strong brand reputation, underpinned by marketing expertise and technical capability.

”Staysure is well-poised to expand into adjacent areas and new geographies. We look forward to working closely with Ryan, Finn and the talented management team to fulfil its significant potential.”