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Specialist US insurer Jewelers Mutual Group has acquired Sydney-based Jewellers Loop, the company which founded jewellery insurance provider Q Report more than two decades ago, in a move that expands the group’s reach into Australia and marks its first international play in the sector.
The deal gives the century-old Jewelers Mutual Group control of Jewellers Loop’s two jewellery insurance brands, also including the JewelCover business.
Jewelers Mutual Group says that following the acquisition both companies will leverage their combined expertise to expand personal-lines insurance solutions to more customers in more markets.
The Wisconsin-headquartered company, which was established in 1913, says the acquisition also puts it on track to capitalise on the synergistic alignment of technology, data and analytics to enhance its customer experience.
"This strategic acquisition strengthens our collective ability to deliver unparalleled service and innovation to the jewellery industry on a global scale, ensuring both our companies thrive, grow and continue learning from each other's successes," says Scott Murphy, the CEO of Jewelers Mutual.
"Bringing our capabilities together supports our united mission to elevate the love of jewellery and protect the pieces that mean the world to our customers."
Jewellers Loop was founded in 2004 under the Q Report brand as Australia's first specialist jewellery insurance provider, and the company has since grown to include the JewelCover brand.
Since inception, the company has built a reputation for providing access to comprehensive coverage for jewellery customers.
The insurance products offered through Q Report and JewelCover are underwritten by Chubb Insurance Australia.
"The world is changing fast, and the way people interact with businesses is evolving,” says Rami Baron, the CEO and founder of Jewellers Loop.
“Together, we're embracing that change, using technology to enhance every customer touchpoint, and ensuring we remain industry leaders."
Baron, who is president of the Diamond Dealers Club of Australia, is a third-generation jeweller having owned and managed his own retail jewellery business and been involved in importing, exporting, manufacturing and wholesaling jewellery.
Originally from Vancouver in Canada, he established Q Report as Australia's first jewellery insurance provider with the company now among the leading Australian providers of specialty consumer insurance for jewellery and time pieces.
The acquisition by Jewelers Mutual Group is the company’s first outside of the US and comes on the heels of several acquisitions in America in 2024, including insurance provider for the pawn industry, Union Life & Casualty Insurance Agency.
Jewelers Mutual was founded in 1913 by a group of Wisconsin jewellers to meet their unique insurance needs and since then has grown to offer a suite of innovative solutions and digital technology offerings to help jewellers strengthen and grow their businesses, mitigate risk and bring them closer to their customers.
According to the company’s latest financial statements, Jewelers Mutual Group grew its total assets to US$889.26 million ($1.4 billion) in 2024, up from US$769.4 million ($1.22 billion) a year earlier.
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