Humania Assurance announces the acquisition of all Tour+Med assets and increases its presence in the travel insurance industry
Saint-Hyacinthe, QC, Aug. 13, 2019 /CNW Telbec/ - Humania Assurance is proud to announce the acquisition of all of Tour+Med's assets. Created by Mr. Daniel Provencher in 1996, the company providing Tour+Med travel insurance products has an administrative centre in Trois-Rivières, Quebec, and an assistance subsidiary in Florida, USA. Tour+Med is a renowned player in the Canadian travel insurance business, for both short and long trips. Its personalized approach answers the needs of Baby-Boomers and Canadian travellers who are declined coverage by other carriers due to age or pre-existing medical conditions. Tour+Med has become a leader in this segment.
Humania Assurance and Tour+Med have been working in close collaboration over the last 10 years. "This is a natural and obvious transaction. Humania Assurance, our underwriter, has a long expertise in living benefits and they wanted to expand their activities, while we were looking for ways to accelerate our growth in Canada" said Pierre St-Onge, the new Principal Officer of Tour+Med.
"This acquisition promises a synergy increase," stated Stéphane Rochon, President and Chief Executive Officer of Humania Assurance. "Our expertise in digital development, combined with Tour+Med's expertise in travel insurance, will allow us to enhance our service offer considerably, for both individuals and groups" continued Stéphane Rochon. "Since the launch of our cancer insurance 5575.ca, we wish to complement and increase our range of products offered to Canadian retirees, a market segment that surely needs it", Stéphane Rochon concluded.
"This transaction will help us combine our respective distribution networks. We also plan on developing new solutions for all of the actors of this industry, such as firms and actuaries involved in the group insurance business. Although we play an important role in the Snowbird travel insurance business, we operate on many other sectors and Humania Assurance's upcoming input will accelerate our diversification", emphasized Pierre St-Onge.
Following this transaction, Mr. Pierre St-Onge remains a shareholder and will continue to be in charge of the travel insurance sales and operations.
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