Essential Travel's products include travel insurance, airport parking and airport hotels.
The company was established in 2001 as a business-to-business supplier of white label travel insurance solutions for online travel providers.
Its portfolio has since expanded and it also now sells directly to consumers through more than 70 specialist websites under a range of different brands.
The acquisition, which requires Financial Services Authority approval, supports Thomas Cook’s strategy to become a leading, travel-related financial services provider.
Manny Fontenla-Novoa, group chief executive of Thomas Cook Group, said: ‘We are delighted that Essential Travel will join the Thomas Cook Group.
‘We continue to believe a strong position in the direct travel insurance market is strategically important.
‘Furthermore, we expect that together with the experienced directors of Essential Travel, we can build upon our respective strengths to enhance Thomas Cook’s position in both travel insurance and other travel services such as airport parking and airport hotels.’
For the financial year ended 31 March 2009, Essential Travel had gross assets of £2.5m.
See also:
TC to invest in Russian travel giant? (05/03/2010)
Insurance site adds airport deals (30/09/2009)
Holiday Extras signs TC deal (14/08/2009)
Hostelworld.com adds ancillaries (14/08/2009)
TC survey reveals untapped insurance market (20/03/2008)
Thomas Cook ups financial services offering (19/03/2008)