Staysure specialises in providing travel insurance for people over 50 and those with pre-existing medical conditions, while Rock offers a range of technology-based white-label and partnership products to the trade.

The deal follows Staysure’s previous purchases of Avanti Travel Insurance and PayingTooMuch.com, which increased the company’s customer base to more than three million people.

Ryan Howsam, Staysure’s founder and group chief executive, said: “Bringing our businesses together further strengthens our position as the market leader, and allows us to dominate across both B2B and B2C arenas offering quality, innovative policies to a much wider range of consumers.   

“Rock captures sections of the market that Staysure currently doesn’t operate in, so this new partnership continues to cement our strategic growth plans. We’re extremely excited to be working with the Rock team and exploring new opportunities to grow and expand our businesses together.”

Rock, which was founded in 2001 and works with companies such as Jet2 and On the Beach, will continue to be led as a standalone business by managing director Antony Martin.

Martin added: “We have invested heavily in technology and growing our customer base but this strategic move will allow us to grow the business faster and increase market share.

“I will continue to run the company with my team but look forward to evolving it further in a partnership that all our customers will benefit from.”