Chicago-based insurance broker Aon said its subsidiary; Affinity Insurance Services Inc., has acquired WedSafe Inc. No terms were announced.
WedSafe, an online brokerage service, is a provider of wedding and private event insurance offering liability and property damage and event cancellation products direct to consumers.
Affinity Insurance Services is a full-service broker specializing in the administration of insurance programs for customer groups.
"This acquisition is a new market segment that is strategically aligned with Affinity's core capabilities," said Bill Vit, Affinity president and chief operating officer in a statement.
Affinity said a typical wedding can cost an average of $25,000. The coverage WedSafe offers provides indemnification for cancellation because of illness, bad weather, or accidents to guest during the reception.
Cancellation packages, including coverage for wedding essentials like photos, gifts, attire, jewelry and deposits, begin at $185. Liability insurance can be purchased jointly or separately for a $195 premium.
WedSafe's wedding cancellation and liability insurance products, which were first offered in 2002, are sold on the WedSafe Web site, www.wedsafe.com.
In 2005, the private event insurance program www.privateeventinsurance.com was added to the product line to offer cancellation and liability coverage for other types of celebrations such as anniversaries, graduations, and bridal and baby showers.
The products are underwritten by Markel American Insurance Company.
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