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Open, an Australian embedded insurance coverage firm, has introduced the acquisition of UK-based insurtech firm SO-SURE.
Monetary phrases of the transaction weren’t revealed.
SO-SURE, based within the UK in 2016, specialises in providing a spread of digital insurance coverage options together with cellphone, dwelling contents and social insurance coverage.
In a weblog submit, Open mentioned that its integration with SO-SURE’s enterprise will happen over the approaching months and is ready to function a “catalyst” for its development within the UK.
The corporate additionally indicated that additional acquisitions is perhaps pursued as a way to enter new markets.
Insurance coverage Edge quoted SO-SURE CEO Dylan Bourguignon as saying: “This acquisition represents an thrilling alternative for us to align with an organization that shares our ambitions for the way forward for insurance coverage. Open’s confirmed monitor report in securing massive partnerships within the B2B2C [business-to-business-to-consumer] sector will speed up our development.”
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The publication additionally quoted Open CEO Jason Wilby, who mentioned: “With our sturdy concentrate on regulatory compliance, buyer empowerment and technological development, the enterprise is primed to spearhead innovation and redefine the insurance coverage buyer expertise within the UK market, beginning with embedded cell phone insurance coverage.”
Open, based in 2016, additionally has a presence in Australia and New Zealand, along with the UK.
It supplies white-label automobile, landlords, dwelling and journey insurance coverage for manufacturers corresponding to Bupa, Telstra, Polestar and 2degrees.
In 2021, Open secured an funding of $31m ($47.21m), which introduced the full capital raised by the corporate to $53m.
The spherical noticed participation from worldwide buyers together with Latitude from the UK, Movac from New Zealand and returning investor AirTree Ventures from Australia.
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