ZURICH, June 26, 2024 – Zurich Insurance Group (ZURN.S) announced a significant $600 million deal to acquire AIG’s (AIG.N) global personal travel insurance and assistance business. This strategic acquisition aims to enhance Zurich’s travel insurance capabilities and expand its presence in the United States.
Strategic Expansion
The acquired business will be integrated with Zurich’s existing travel insurance provider, Cover-More Group. This merger is set to broaden Zurich’s footprint in the U.S. market, solidifying its position as a leading global travel insurer. The combined annual gross written premiums for the expanded Cover-More Group are projected to reach approximately $2 billion.
Executive Insights
“Travel insurance is a priority for us,” stated Cara Morton, CEO of Zurich Global Ventures. “This transaction is a great strategic fit, which enhances Zurich’s existing capabilities and makes us a leading travel insurance provider across all regions.”
Expected Timeline
The acquisition is anticipated to close before the end of 2024, pending regulatory approval. This move marks a significant step in Zurich’s strategy to expand its travel insurance portfolio and deliver enhanced services to its global customer base.
The acquisition of AIG’s travel insurance business underscores Zurich’s commitment to growth and innovation in the travel insurance sector, promising to deliver improved value and protection for travelers worldwide.