New Jersey group acquires Squaremouth

Travel insurtech company Squaremouth has been acquired, following a shift in leadership and business activity. 

New Jersey-based Specialty Program Group LLC, a leading operator of specialty insurance brokerages and underwriting facilities, announced Tuesday it was acquiring St. Petersburg-based Squaremouth as part of its digital expansion efforts. 

“Squaremouth is a growing industry leader when it comes to the use, convenience and efficiency of its digital travel insurance platform. Clients can get a quote, compare rates and purchase their coverage online and receive their policy immediately. This aligns perfectly with our strategy to accelerate the scale and depth of our digital capabilities to keep pace with our clients’ boundaryless needs,” SPG President and CEO Christopher Treanor said in a news release. 

The group did not disclose the financial details of the deal. SPG also recently acquired leading digital insurance platforms, Insureon and CM&F.

Rupa Mehta, the new CEO of Squaremouth. LinkedIn image.

“Both Squaremouth and SPG are committed to transforming the insurance marketplace through e-commerce and digital technology,” Rupta Mehta, Squaremouth’s new CEO, commented about the acquisition. “Squaremouth has built an industry-leading insurance technology platform for travelers to secure the best travel insurance policy for their trip. We are excited to take our efforts to the next level with our partnership with SPG.”

The news comes two weeks after Squaremouth appointed Mehta as its new CEO, replacing Jessica Burns, who worked at Squaremouth for over a decade, serving in various executive positions. Burns, who is the daughter of Squaremouth’s founder, Chris Harvey, is retiring for family reasons.

The leadership changes also emerged after the bootstrapped firm emerged from the woes of the pandemic, which marked the worst financial period the company has faced, dropping its business activity by more than 90% as travel became nearly nonexistent with restrictions placed on commercial flights and cruises. 

Squaremouth also previously sold its HQ building, also known as “the church property,” which encompasses an entire city block on Central Avenue, because of its remote workforce. 

Today, Squaremouth claims to have the largest portfolio of travel insurance providers and products in the U.S. market, with over 3 million travelers insured.