The business will be combined with Zurich’s travel insurance provider Cover-More Group (Cover-More) and will expand its footprint in the U.S. The acquisition gives Zurich access to a new global retail customer base and makes it a leading travel insurer globally.
“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”, said Cara Morton, CEO Zurich Global Ventures.
Peter Zaffino, Chairman and Chief Executive Officer of AIG commented: “I am proud of the work our team has done to establish Travel Guard as a premier provider of personal travel insurance globally, bolstered by strong relationships with some of the world’s largest airlines, online travel agencies and credit card providers. I am confident that Travel Guard will continue its growth and success being part of Zurich Insurance Group. Our AIG colleagues will work closely with Zurich to ensure a seamless transition for employees, customers and our global distribution partners.”
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.
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 USD 2 billion for the enlarged Cover-More Group.
The acquisition is subject to regulatory approval and expected to close before the end of the year.
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