Traveller Assist has this morning announced the sale of its assets and intellectual property for an undisclosed amount to an as yet unknown insurer as part of a number of 'growth purchases'. Included in the sale is the firm's payment and insurtech platform, Payr, which, since its launch two years ago, has paid over £7m in claims payments on behalf of insurers, employers and educational institutions.

Shareholders of the medical and security assistance provider, Danny Kaine and Jonathan Bancroft have exited the company.

“We are humbled to have received several offers of interest to acquire Traveller Assist over the past 12-months, and I am extremely pleased to have agreed a buyout by an insurer who recognises and understands the key for travel insurers to survive and thrive in a volatile market is to control their own assistance and claims capabilities; increasing both profits and customer satisfaction,” Kaine said.

Bancroft added: “I am proud of all that we have achieved over the past five years and grateful for the unwavering trust our clients have placed in us on some truly exceptional and challenging requests in remote and hostile environments around the world. Our team have never once failed to provide a suitable outcome to any assistance request and in over fifty thousand case activations, all but three were successfully answered within fifteen minutes of receiving them. I am confident that our processes, methods, systems and staff will continue to produce excellent results and give the purchasing company the edge in a competitive market.

Traveller Assist employs 37 staff and retains a further 30 ground agents around the world, with annual combined revenues of £13.7m. In a separate agreement signed in May, the provider sold its MENA contracts and assets, including its Defense Base Act operations, to a separate, privately-owned company.

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