Rock Insurance buys online broker 24drtravel.com

Rock Insurance has made its third acquisition of the year with the purchase of online insurance broker 24drtravel.com.

Rock Insurance has made its third acquisition of the year with the purchase of online insurance broker 24drtravel.com.

Rock managing director Antony Martin said the latest buyout was part of the company’s strategy in a market ripe for acquisitions.

“Effectively there is insufficient business to go round for lots of smaller companies, which makes it an ideal sector for consolidation,” said Martin.

Martin confirmed Rock was eyeing other prospective purchases in related sectors such as affinity marketing.

In January, Rock bought out affinity marketing specialist AIS and in February it acquired specialist personal insurance company MRL Insurance.

The latest addition to Rock’s portfolio was founded in 2000 to provide health and destination information and later went on to offer insurance to cover the risks it was advising travellers about.

It will continue to trade under its own brand name and, as with Rock’s last two acquisitions its founder, Tony Sheridan, will continue to work with the new parent company.

Martin said: “24DrTravel is an exciting addition to the Rock group and a strong brand in its own right. Tony Sheridan has established a loyal customer base since he established the company more than 10 years ago and he will be an invaluable asset to our team.”

24DrTravel brand director Tony Sheridan said: “Joining forces with Rock Insurance is a logical move as Rock has the experience and financial backing to take 24DrTravel to the next level. I am looking forward to seeing the brand grow in new directions over the next month.”

Earlier this month Rock Insurance announced its sales in the travel trade sector had grown by 7% since the beginning of year despite a 15% year on year decline during January and February.

More information:

* Rock Insurance launches ‘Rock Stars’ training programme (September 2, 2009)