Jewelers Mutual Group has expanded its global presence with the acquisition of Australian insurance provider Jewellers Loop, marking the company’s first entry into international markets for personal jewelry insurance. Until now, Jewelers Mutual has only operated in the United States and Canada.
Founded in 2004 under the Q Report brand, Jewellers Loop was the first specialist jewelry insurance provider in Australia. The company offers two main insurance products, Q Report and JewelCover, both underwritten by Chubb Insurance Australia Unlimited.
Despite the acquisition, the two companies will maintain separate operations while seeking to leverage their synergies. Jewellers Loop will retain control over customer relationships and data, continuing to manage all customer interactions.
The financial terms of the deal were not disclosed.
“This acquisition enhances our ability to provide exceptional service and innovation to the global jewelry industry,” said Scott Murphy, president and CEO of Jewelers Mutual. “By combining our strengths, we aim to grow and learn from each other’s successes, protecting the pieces that matter most to our customers.”
Jewelers Mutual also sees the merger as an opportunity to expand personal jewelry insurance solutions to a wider audience across various markets. The two companies plan to integrate their technology, data, and analytics to improve customer experiences.
Rami Baron, CEO and founder of Jewellers Loop, emphasized the importance of adapting to changing business environments. “We’re embracing change and using technology to improve every customer interaction, ensuring we stay ahead in the industry,” he said.
For more details about the acquisition and its effects on customers in North American and Australian markets, visit Jewelers Mutual’s website.
In a separate move, Jewelers Mutual also acquired Union Life & Casualty Insurance Agency, a provider of pawnbroker insurance, in July 2024 for an undisclosed sum.
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