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is acquiring AIG’s global personal travel insurance and assistance business (AIG Travel) for $600 million, plus a potential additional earn-out payment. The business will be combined with Zurich’s travel insurance provider Cover-More and will expand its footprint in the US. 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.” – Cara Morton, CEO at
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As part of the acquisition, Zurich will add AIG Travel’s Travel Guard brand to its Cover-More model. 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 $2 billion for the enlarged Cover-More Group.