Zurich Insurance Group (Zurich) has officially acquired AIG’s global personal travel insurance and assistance business, including Travel Guard, for $600m, with the potential for an additional earn-out payment.
This move cements Zurich’s position as one of the largest travel insurers globally, significantly bolstering its footprint in the $20bn global travel insurance market.
The acquisition brings together AIG’s former global personal travel insurance operations with Zurich-owned travel insurance provider Cover-More Group, forming a new entity under the brand “Zurich Cover-More.” The combined entity will operate from its new headquarters in the U.S. under the leadership of David Fike, chief executive officer of Zurich Cover-More. Regional units will be established in Latin America, North America, Asia Pacific, and Europe, the Middle East and Africa (EMEA).
Zurich global ventures CEO Cara Morton said, “This acquisition significantly boosts our travel insurance capabilities and amplifies our global footprint. By welcoming Travel Guard into Zurich Cover-More, we aim to deliver unmatched services and protection to our customers worldwide that go beyond traditional travel insurance and assistance.”
Zurich Cover-More will integrate subsidiaries such as Travel Guard, Travelex Insurance, Cover-More Travel Insurance, World Travel Protection, Blue Insurance, and Universal Assistance.
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