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.

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