Growth investor Synova is delighted to announce that an agreement has been reached for the sale of travel insurance data specialist, InsurEvo Group (including AllClear Insurance, InsureandGo, and JustCover; together “InsurEvo” or the “Group”), to US headquartered specialist insurance provider, NSM Insurance Group. The transaction, which remains subject to regulatory approval, will generate a return of 7.3x invested capital to Synova.
Following Synova’s investment, and under CEO Chris Rolland’s leadership, InsurEvo has transformed in scale and profitability, increasing revenues fivefold to £60m and placing £150m of GWP into the market this year, a sixfold increase in the investment period.
InsurEvo’s growth was delivered through a significant investment in best-of-breed technology, including actuarial AI, to capitalise on its unique data sets and the delivery of a highly effective multi-year sales and marketing strategy. Operating under the AllClear Insurance, InsureandGo and JustCover brands, the Group has provided cover to more than 4 million travellers, additionally allowing essential access to travel cover to people suffering from pre-existing medical conditions. InsurEvo employs over 350 staff across five offices in three countries, a near fourfold increase in employees since Synova’s investment.
Chris Rolland, CEO of InsurEvo, noted:
“I have enjoyed every minute of my partnership with Synova; their knowledge of our industry, their understanding of the building blocks of growth, and the discipline that comes from having a focused investor has been invaluable in accelerating the growth of the business.
“We’re absolutely thrilled to join forces with NSM to help us continue to grow and scale the business. Over the last two decades, our dedicated and talented team has helped us grow into the force we are today, and we look forward to extending that growth with NSM. NSM has the prowess and proven track record to help our business grow by expanding our distribution channels — further enhancing our technology platforms and expanding our global market reach. We are confident that NSM will lead to a bright future filled with growth, development, and success.”
David Menton, a Managing Partner of Synova and Non-Executive Director of InsurEvo Group, commented:
“The InsurEvo journey, in partnership with Chris Rolland, Cameron Jack, and their talented team, adds another chapter to Synova’s highly successful Financial Services story. The substantial scaling was achieved by harnessing AllClear’s strong reputation in the impaired travel market, its proprietary pricing database, and combining this with the vision of an experienced and ambitious leadership team.
Achieving these levels of growth, and generating outsized returns for our investors, was made more rewarding given InsurEvo’s clear social purpose. We remain grateful to the team, and to the Chair, Dr Ian Owen, for their energy and their vision, and wish them well on the next stage of their journey with Geof McKernan and his colleagues at NSM.”
Geof McKernan, CEO of NSM Insurance Group, said:
“Today marks an exciting new chapter for AllClear and InsureandGo. We are delighted to welcome these renowned brands to the NSM family,” said Geof McKernan, CEO & Founder of NSM Insurance Group. “Chris has done a tremendous job growing both brands and leading process and technological change while maintaining strong growth. Together, we will drive continued innovation to deliver exceptional value to our clients and expand our global presence.”
