ZURICH, June 26 (Reuters) – Zurich Insurance (ZURN.S) announced on Wednesday a $600 million agreement to acquire AIG’s (AIG.N) global personal travel insurance and assistance business.
The acquisition will integrate AIG’s travel insurance operations with Zurich’s existing travel insurance provider, Cover-More Group. This strategic move will significantly expand Zurich’s presence in the United States, the company stated.
Expected to be finalized by the end of 2024, the deal will result in combined annual gross written premiums of approximately $2 billion for the expanded Cover-More Group.
“Travel insurance is a priority for us,” said Cara Morton, CEO of Zurich Global Ventures. “This transaction is a great strategic fit, enhancing Zurich’s existing capabilities and positioning us as a leading travel insurance provider across all regions,” she added.
