Synova has reached an agreement to sell InsurEvo Group, a travel insurance specialist, to NSM Insurance Group, promising a 7.3x return on investment.

Information on the Target

InsurEvo Group, a prominent travel insurance data specialist, comprises the well-known brands AllClear Insurance, InsureandGo, and JustCover. Under the leadership of CEO Chris Rolland, InsurEvo has undergone significant transformation, substantially increasing both its scale and profitability. The Group's revenue has surged fivefold, reaching £60 million this year, while it has also placed £150 million of Gross Written Premiums (GWP) in the market, marking a sixfold increase during the investment period. This remarkable growth has been fueled by strategic investments in advanced technology, including actuarial AI, which have allowed InsurEvo to leverage its unique data sets effectively. Since Synova's investment, the company has grown its workforce to over 350 employees spread across five offices in three different countries.

Industry Overview in the Target’s Specific Country

The travel insurance industry has seen noticeable expansion, particularly in the UK market, as consumers increasingly recognize the value of travel insurance. With more travelers seeking protection against unforeseen events, the demand for innovative insurance solutions has never been greater. This upward trend is bolstered by an increasing number of travelers, as well as the growing prevalence of pre-existing medical conditions that necessitate tailored insurance products.

The UK travel insurance market is characterized by a diverse range of providers, including both traditional insurers and upcoming specialty firms that focus on niche segments. InsurEvo stands out by catering to travelers with pre-existing medical conditions, which t