Zurich Insurance Company announced a major deal on Wednesday to acquire AIG's global personal travel insurance and assistance business for $600 million. This acquisition will significantly enhance Zurich's position in the global travel insurance market.
According to Zurich's statement, the acquired business will be merged with its travel insurance provider, Cover-More Group. Cover-More currently offers a broad range of travel insurance services in multiple countries. This merger will further expand its operations in the United States, allowing it to occupy a more significant position in the global travel insurance market.
The acquisition is expected to be completed by the end of 2024. Zurich stated that the combined company, Cover-More Group, will generate an annual premium income of approximately $2 billion, which will significantly boost the company's financial strength and market competitiveness.
Cara Morton, CEO of Zurich Global Ventures, highly praised this acquisition. She said, "Travel insurance is one of the key strategic areas for our company. This deal is not only a strategic fit but also enhances Zurich's existing capabilities, enabling us to become the leading travel insurance provider in all regions."
Morton further explained that the acquisition would enable Zurich to provide high-quality travel insurance services to more customers while promoting the company's global business expansion. She added, "Through this merger, we can not only enhance our service level but also gain a larger market share in the travel insurance market. Our goal is to offer comprehensive travel protection, ensuring our customers travel with greater peace of mind."
