Europ Assistance, a subsidiary of Generali Group on Thursday, 30th June, 2022 announced the acquisition from MAPFRE Asistencia for a 74.6% stake in Bahrain based Gulf Assist WLL. Gulf Assist also owns Arab Assist WLL in Jordan, where most of its operations and support functions are located. The former also posseses a commercial branch in Dubai.
With this transaction, the group emerges as a new leader in assistance in the Middle East. The firm offers a B2B2C operating model that is diversified both in terms of offerings via roadside assistance, travel assistance and insurance, and mobile phone insurance. The firm maintains a geographical presence in 10 countries in the regions including United Arab Emirates, Bahrain, Saudi Arabia, Kuwait, Qatar, Oman, Jordan.
Europ Assistance has acquired a majority stake, alongside strong local partners, in a trusted 30-year-old client-focused organization with over 80 employees based in 3 countries.
Enrique Ballesteros, previously a General Manager at MAPFRE Asistencia of Gulf Assist, will take over all of Europ Assistance’s operations in the Middle East.
Enrique Ballesteros, presently the CEO of Europ Assistance Group, stated that the company is proud to be a part of Europ Assistance Group.
The new international association will broaden their business platform and allow them to deliver high-quality services, innovative products, and financial security to their local partners and customers. This would bring profits from enhanced reputation, fresh ambition to grow, and an opportunity to specialise in their domain.
Antoine Parisi, CEO of Europ Assistance Group, indicated that they are delighted to enter the Australian market to support their global partners and further strengthen their global, multiline, and multichannel positioning.
Pascal Baumgarten, CEO Northern, Central, and Eastern Europe, Asia, and South Africa at Europ Assistance Group, declared that after acquiring an entity in New Caledonia and opening businesses in Thailand and Malaysia in 2020 and 2021, the company has decided to accelerate their expansion in Asia Pacific by acquiring an established player in the region with complementary operations and capabilities. This confirms that despite the recent challenges impacting the industry, the company stands strong alongside their commitment to profitable growth worldwide.
Raphael Bandeira, CEO of Europ Assistance Australia, commented on joining the team and said that they were excited to become a part of Europ Assistance and by extension to the larger Generali Group. They look forward to continuously delivering the best in class services to our customers in the region, especially as travel begins to recover.
With travel commencing to take off again, following setbacks from the pandemic, the conglomerate has assured that the move has excellent prospects for sustainable growth in the medium term.
After acquiring MAPFRE Asistencia’s Australian operations in January this year, Europ Assistance said that the acquisition of Gulf Assist complements its establishment of new units in Thailand and Malaysia.
Europ Assistance’s expansion to Australia
Europ Assistance expands on buying one of Australia’s top B2C travel insurance entities. Under the new agreement signed, MAPFRE Insurance Services Australia Pty will be renamed Europ Assistance Australia Pty Ltd, which commercially operates under the InsureandGo and join the Generali Group.
About Europ Assistance Group
The group was founded in 1963. The conglomerate is an inventor of assistance and supports customers in over two hundred countries and territories. It has a network of 750,000 approved providers and forty-three assistance centres.
Their mission is to bring people or corporates from distress to relief anytime, anywhere. The company provides roadside assistance, travel assistance, and insurance, as well as personal assistance services such as – the protection of the elderly, the protection of digital identity, telemedicine, and the concierge. The vision of their 10,000 employees is to become the most dependable care company in the world. The group is a subsidiary of the Generali Group, one of the world’s leading insurers.
