Zurich Insurance Group has acquired AIG’s global personal travel business, including Travel Guard, for US$ 600 million, plus a potential earn-out payment.
The acquisition makes Zurich one of the largest global travel insurers, serving over 20 million customers and partnering with more than 200 distribution partners.
It also expands Zurich’s presence in the US$ 20 billion global travel insurance market, particularly strengthening its position in the U.S.
AIG’s former travel business has been merged with Zurich’s Cover-More Group under the new “Zurich Cover-More” brand.
The combined entity will be headquartered in the U.S. and led by CEO David Fike.
Despite the new branding, subsidiaries such as Travel Guard, Travelex Insurance, Cover-More Travel Insurance, Blue Insurance, and Universal Assistance will retain their existing names in local markets.
The transaction impacted Zurich’s Swiss Solvency Test (SST) ratio by 5 percentage points, but all necessary regulatory approvals have been secured.
“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.”
said Cara Morton, CEO of Zurich Global Ventures.
Featured image credit: Edited from Freepik
