The acquisition will merge AIG Travel with Zurich’s existing travel insurance provider, Cover-More Group, significantly expanding Zurich’s footprint in the U.S. market.
This strategic move will position Zurich as a leading travel insurer worldwide, providing access to a new global retail customer base. The integration of AIG Travel into Cover-More Group enhances Zurich’s capabilities and market presence, reinforcing its commitment to delivering comprehensive travel insurance solutions.
Cara Morton, CEO Zurich Global Ventures, said: “Travel insurance is a priority for us. This transaction is a great strategic fit, which enhances Zurich’s existing capabilities and makes us a leading travel insurance provider across all regions. The acquisition expands our retail customer base and aligns with our ambition to continuously enhance our offerings, while providing world-class protection during every step of our customers’ travels.”
As part of the acquisition, Zurich will add AIG Travel’s well-established Travel Guard brand to its Cover-More global multi-brand model to expand Cover-More’s presence in the U.S. It will also provide access to high-quality distribution partners.
Cover-More will strengthen its global capability through AIG Travel’s global IT platform, providing an opportunity for Cover-More to extend its award-winning travel assistance apps to an expanded set of partners and customers. Zurich will also acquire AIG Travel’s global service centers as part of the deal.
The acquisition is expected to result in combined annual gross written premiums of approximately USD 2 billion1 for the enlarged Cover-More Group. The transaction is expected to result in a reduction of approximately 4ppts in the Swiss Solvency Test (SST) ratio2.
The acquisition is subject to regulatory approval and expected to close before the end of the year.
