Citybond Acquire Aon Travel Book

by Stewart Douglas

Story link: Citybond Acquire Aon Travel Book

Citybond Suretravel has today announced it has acquired the wholesale travel insurance business of Aon Ltd in a move that will see it expand further within its travel insurance sector to bolster its existing footprint within the travel services business.

The subsidiary of Citybond Holdings has acquired the entire portfolio of Aon in relation to travel insurance, which looks set to compliment the existing reach of over 1,000 operators and brokers within the travel industry as of the end of this year.

Aon’s travel business has proven of particular success in recent years, and has developed into a strong network of agent sellers and brokers to provide a profitable, niche insurance division for the business.

Speaking today on the acquisition, Citybond managing director Mansukh Ganatra said that the move would bring further stability to the company’s position as the UK’s foremost independent provider of travel insurance, adding significant weight to its current market reach.

One of the main assets of the Aon book is undoubtedly its agency network, which provides substantial value through established sales channels, which helps ensure maximum reach and leverage for its travel insurance lines. It is thought that the existing network will remain intact following the changeover, as will all existing staff within the operation.

Meanwhile Finance Director of Aon’s Personal division, Ben Holroyd-Doveton said that the move to sell to Citybond was a natural progression following its decision to stop operating within the travel wholesale market, citing the company’s professionalism and strong market footprint as key factors in the decision to release their wholesale book.

Today’s move has come at an undisclosed price, although it is evident that the improvement in gross written premiums to the Citybond business will reach in excess of £35 million per year, adding substantial value to the overall operation.