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Zurich Acquires AIG’s Global Personal Travel Business, Becoming a Leading Travel Insurer
Zurich Insurance Group (Zurich) has successfully acquired AIG’s global personal travel insurance and assistance business, including Travel Guard, for USD 600 million, plus a potential earn-out payment. The transaction makes Zurich one of the largest travel insurers globally.
“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.” Cara Morton, CEO Zurich Global Ventures
Travel Guard is combined with Zurich’s travel insurance provider, Cover-More Group, under the new corporate brand Zurich Cover-More. Zurich Cover-More’s subsidiaries, including Travel Guard, Travelex Insurance, Cover-More Travel Insurance, World Travel Protection, Blue Insurance, and Universal Assistance, will continue to operate under their brands in their local markets. Zurich Cover-More will establish its new headquarters in the U.S. under the leadership of Chief Executive Officer David Fike and have regional units in Latin America, North America, Asia Pacific, as well as Europe, Middle East and Africa (EMEA).
This acquisition expands Zurich’s footprint in a global market worth about USD 20 billion in gross written premiums and significantly strengthens its presence in the U.S. market. Zurich now serves more than 20 million customers annually and maintains long-term relationships with more than 200 distribution partners.
The transaction has impacted Zurich’s Swiss Solvency Test (SST) ratio by 5 percentage points. All necessary regulatory approvals have been obtained.
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