Zurich Insurance Group has finalized the acquisition of AIG’s global personal travel insurance and assistance business, including Travel Guard, for $600 million. This strategic move enhances Zurich’s travel insurance offerings, positioning the company as a leading global provider.
With this acquisition, Zurich now serves over 20 million customers and collaborates with 200 distribution networks worldwide, supporting its insurance business growth.
Zurich Cover-More: A New Corporate Brand for Expanded Travel Coverage
Travel Guard will merge with Zurich’s existing travel insurance provider, the Cover-More Group, and operate under the newly established corporate brand, Zurich Cover-More. This integration boosts international travel insurance services while maintaining subsidiary brands like Travelex Insurance and World Travel Protection in their local markets.
The move underscores Zurich’s commitment to expanded travel coverage. With its headquarters in the United States under CEO David Fike, regional operations will span Latin America, North America, Asia-Pacific, and EMEA (Europe, Middle East, and Africa).
Strengthening Zurich Insurance Services and Market Presence
This acquisition reinforces Zurich insurance services in a global travel insurance sector valued at $20 billion in gross written premiums. Additionally, it strengthens Zurich’s presence in the U.S., expanding its customer base and long-term partnerships.
Cara Morton, CEO of Zurich Global Ventures, stated: “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.”
The deal, highlighted in Zurich travel news, has impacted Zurich’s Swiss Solvency Test (SST) ratio by five percentage points, with all regulatory approvals successfully obtained. Zurich’s innovative approach to international travel insurance continues to differentiate it as it expands its influence in global markets.
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