Zurich Insurance buys AIG travel business for $900 million

Zurich Insurance buys AIG travel business for $900 million
Edited by Travel Weekly


    The owner of Cover-More Group Zurich Insurance has bought AIG’s global personal travel insurance and assistance business (AIG Travel) for $900 million (USD $600 million), making it one of the largest travel insurers in the world.

    As part of the acquisition, Zurich will add AIG Travel’s well-established Travel Guard brand to its Cover-More global multi-brand model to expand Cover-More’s presence in the U.S. It will also provide access to high-quality distribution partners.

    Cara Morton, CEO of Zurich Global Ventures (lead image) said: “Travel insurance is a priority for us. This transaction is a great strategic fit, which enhances Zurich’s existing capabilities and makes us a leading travel insurance provider across all regions. The acquisition expands our retail customer base and aligns with our ambition to continuously enhance our offerings while providing world-class protection during every step of our customers’ travels.”

    Cover-More will strengthen its global capability through AIG Travel’s global IT platform, providing an opportunity for Cover-More to extend its award-winning travel assistance apps to an expanded set of partners and customers. Zurich will also acquire AIG Travel’s global service centers as part of the deal.

    The acquisition is expected to result in combined annual gross written premiums of approximately $4.5 billion (USD $2 billion) for the enlarged Cover-More Group.

    The acquisition is subject to regulatory approval and is expected to close before the end of the year.

    Turbulence related travel insurance claims up 700% since 2022, new data reveals

    Latest News

    • Aviation

    Gold Coast Airport marks major milestone in domestic expansion

    Gold Coast Airport undergoes a $17 million refurbishment of its old international area to expand domestic capabilities following the shift of international services to a new terminal. The airport’s new domestic lounge has just opened, marking a milestone in the terminal’s ongoing transformation. With various refurbishments coming in the following weeks, including new flooring, improved […]

    • Exhibitions

    Tahiti Tourisme gets behind Gauguin’s World exhibit at National Gallery, Canberra

    Tahiti Tourisme is supporting the Gauguin’s World: Tōna Iho, Tōna Ao exhibition which was launched at the National Gallery of Australia in Canberra yesterday, 27 June, attended by the Vice President of Tahiti, Eliane Tevahitua, and Prime Minister Anthony Albanese attending the festivities. The exhibition, open to the public from tomorrow, 29 June to 7 […]

    • Cruise

    All you need to know about White Bay Cruise Terminal

    Here is everything you need to know about White Bay Cruise Terminal, one of two dedicated cruise passenger terminals in Sydney Harbour. Entering the cruise terminal The terminal is located at James Craig Rd, Rozelle, with easy road access via The Crescent / James Craig Road. Pedestrians and cyclists are allowed to enter the terminal […]

    • Cruise
    • Destinations

    Explora Journeys launches Destination Experiences led by adventurer Mike Horn

    Explora Journeys, MSC’s luxury lifestyle ocean travel brand, has announced Destination Experiences led by renowned explorer and brand ambassador Mike Horn. From 10-20 November 2024, guests on board EXPLORA I will have the opportunity to join Horn on two extraordinary adventures, showcasing the wild beauty of Spain’s Lanzarote and La Palma islands. During a lifetime […]

    • Cruise

    Crystal announces exclusive collaboration with Casino de Monte-Carlo

    Crystal has enhanced its voyages with a collaboration with a leader in the world of entertainment and gaming to bring the first and only Casino de Monte-Carlo at sea. The collaboration marks a new chapter for the brand that promises guests an elevated level of entertainment and gaming experience. It debuts onboard Crystal Symphony during […]