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Generali subsidiary lands Flight Centre deal 

Europ Assistance will offer insurance to Flight Centre leisure customers in Australia, New Zealand, Canada, the US and Britain under a new partnership.

The arrangement follows the end of a 33-year partnership with Zurich’s Australian travel insurer Cover-More, which was Flight Centre’s preferred provider in Australia, New Zealand and Britain. Allianz held the partnership for Canada and the US. 

“We are delighted to have reached this agreement with Europ Assistance and look forward to working closely with the team,” Flight Centre Global Supply CEO Greg Parker said. “Europ Assistance presented a compelling offering and demonstrated why it is the right long-term partner for our leisure travel business.” 

An initial five-year agreement will start later this year. Europ Assistance is a subsidiary of Europe’s third largest insurer, Generali Group.

Flight Centre says the new deal brings improved financial terms compared with its previous insurance agreements. Contract terms are confidential and not material to Flight Centre earnings, it says. 

Mr Parker says Europ Assistance’s proposal featured strong technology and system integration, making it easier for Flight Centre consultants and customers to quote and book cover. “We will also have a greater involvement in product design and pricing, which will create exciting new opportunities.”

Cover-More told last week its partnership would end in November. “We wish everyone at Flight Centre leisure brand the very best for their ongoing success,” a spokesperson said.

Cover-More was established in 1986 in Sydney and the Flight Centre partnership started in 1991. Zurich bought Cover-More in 2017 for about $722 million. It now has 17 million customers and operations in the US, Canada, Europe, Britain and Latin America.

Flight Centre’s leisure brands include Travel Associates, Scott Dunn, Cruiseabout, Ignite, Liberty and StudentUniverse.