Halo Insurance Services Limited
Providing insurance products to consumers in a simple and transparent way.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor investor | €0.0 | round | |
N/A | Acquisition | ||
| Total Funding | 000k | ||
| GBP | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | 69 % | 25 % | 37 % | 28 % | (1 %) | (21 %) | (55 %) |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % EBITDA margin | 23 % | 26 % | 20 % | 31 % | 27 % | 13 % | (43 %) |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % profit margin | 14 % | 13 % | 7 % | 20 % | 17 % | 3 % | (65 %) |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
Source: Company filings or news article
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Halo Insurance Services Limited operates as a specialized online insurance brokerage firm, concentrating on niche vehicle insurance products. The company was established in 2009 by Ernesto Suarez, an insurance industry professional with over two decades of experience. Suarez, who holds an MBA from IESE Business School and a BSc in Economics and Entrepreneurship from Babson College, identified an opportunity to disrupt the traditional insurance market with a consumer-focused online model.
The firm's primary business-to-consumer brand, iCarhireinsurance.com, provides car hire excess insurance, a product designed to cover the high deductible that renters are liable for in case of damage or theft of a rental vehicle. This direct-to-consumer approach offers policies that are presented as a more affordable alternative to the expensive excess waivers sold at car rental desks. The business model is centered on generating revenue through the online sale of these specialized insurance policies directly to customers. Halo established a scalable digital platform to support its growth and product innovation.
The product portfolio specifically targets travelers who rent cars by offering daily and annual policies that cover the excess on rental agreements. These policies often include coverage for vulnerable parts of the vehicle, such as tires, windscreen, and roof, which can be excluded from standard rental agreements. Following its initial success, the company expanded its services geographically with websites in Germany, France, Spain, and the Netherlands. A significant milestone for the company was winning the "Broker Innovation of the Year" at the Insurance Times Awards in 2011.
In March 2017, Halo Insurance Services was acquired by Cover-More Group, a global travel insurance and assistance provider, which itself was acquired by Zurich Insurance Group. This acquisition was a strategic move by Cover-More to expand its footprint in the online car hire excess insurance market. After the acquisition, Halo continued to operate under its own brand. The founder, Ernesto Suarez, has since launched a new insurtech venture called Gigasure. Keywords: car hire excess insurance, online insurance broker, rental car insurance, specialist vehicle insurance, travel insurance, iCarhireinsurance.com, GAP insurance, InsurTech, direct-to-consumer insurance, Ernesto Suarez, Cover-More Group, Zurich Insurance Group, vehicle key replacement insurance, personal accident insurance, online insurance platform, UK insurance broker, European insurance market, motorhome insurance, campervan insurance