Insurance provider April Travel Protection USA has been acquired by K2 Insurance Services.

Terms of the acquisition were not disclosed, but April said it will operate as an independent, wholly owned subsidiary of K2, an insurance holding company.

April Travel Protection USA is a division of April International, based in France.

In a statement, April USA's CEO, Jason Schreier, said the company was excited about the opportunities that lie ahead. He noted April International last year announced it was looking to divest itself of its global travel insurance businesses.

• Related: April Travel Protection offers pandemic insurance

April's staff will remain intact, Schreier said, adding that the acquisition will provide April with "both financial credibility and stability."

Indeed, April said it is planning for growth as awareness around travel insurance has increased due to the coronavirus pandemic. The company said January was its best month since last March.

• Related: Travel insurance will see lasting changes after Covid

"We feel that K2 will help take us to the next level of growth," Schreier said. "We intend to continue to be a market leader in travel and event ticket insurance."

This is K2's first foray into the travel and entertainment industry. The privately held company is based in San Diego.

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