Travel broker founders set to make £30m as PE swoops in

AllClear has sold a majority stake in its business to Synova Captial.

The broker, which specialises in travel insurance for people with pre-existing conditions, transacts business direct through its UK-based contact centre, white label partnerships and its own price comparison website. It has provided cover for over one million policyholders.

The Sunday Times reports that the deal is worth in the region of £30m.

Mike Rutherford, co-founder of AllClear said the business remains focused on providing high-quality cover at the right price: “Synova has a proven track record for investing in technology, healthcare and financial services sectors, and this new investment will enable us to further develop new products, technological innovations and extended services for the often under-served, seniors market.”

As part of the transaction, Chris Rolland will be joining the business as chief executive. Founders, Rutherford and Chris Wacey, will re-invest and remain with the Business as non-executive directors.

Rolland commented: “I am delighted to have partnered with Synova to identify this opportunity. AllClear’s founding shareholders, Mike Rutherford and Chris Wacey, together with their team, have built an award-winning offering. Having amassed two decades of experience and a unique claims database, AllClear has a reputation for delivering excellent long-term underwriting performance and a track record of exceptional customer service. We will continue to build on our expertise, rolling out new products and services which will provide even greater access to travel for those managing all types of conditions.”