Staysure Group became a majority shareholder in 2019, following its acquisition of a controlling stake in Eclipse Financial Holdings Limited, the previous majority shareholder. Its purchase of all remaining shares in the firm solidifies its control over the comparison site.
It follows the decision of PTM founder and Managing Director Mike Ward to step down. Ward finalised his transaction with Staysure for the sale of his shares on 15 September.
The completed sale of PTM’s outstanding shares will see Staysure Group broaden the range of insurer brands available on the platform, with the aim of making PTM the UK’s leading travel insurance aggregator. The company currently serves more than 50,000 customers a year.
“I am proud of what we’ve achieved at PTM in the last 11 years, establishing a competitor in the travel insurance price comparison market, built on exceptional customer experience,” said Ward. “I believe now is the right time for Staysure Group to take the business through its next phase of growth in the coming years, and I look forward to watching the business go from strength to strength.”
Staysure Group is currently in a phase of significant expansion, having acquired travel insurance white labelling and affinity deal business ROCK Insurance Group in July 2021.