Zurich, June 26, 2024 – Zurich Insurance (ZURN.S) has announced a significant move with a $600 million acquisition of AIG’s (AIG.N) global personal travel insurance and assistance business. This transaction, expected to finalize by the end of 2024, aims to integrate AIG’s operations with Zurich’s travel insurance subsidiary, Cover-More Group, expanding its presence notably in the United States.
Upon completion, the combined entity is projected to generate approximately $2 billion in annual gross written premiums, reinforcing Zurich’s position as a leading global provider of travel insurance. Cara Morton, CEO of Zurich Global Ventures, emphasized the strategic alignment of the acquisition with Zurich’s priorities, stating, “Travel insurance is a priority for us. This transaction enhances Zurich’s existing capabilities and solidifies our leadership in travel insurance across all regions.”
The acquisition marks a strategic expansion for Zurich Insurance, enhancing its market footprint and operational capabilities in the competitive travel insurance sector.