David Fike, who currently heads Zurich’s North American life, accident, and health division, will serve as the CEO of Zurich Cover-More. The combined company will be headquartered in the U.S., a strategic move to increase Zurich’s influence in the American travel insurance market.
A Boost to Zurich’s U.S. Market Share
Cara Morton, CEO of Zurich Global Ventures, emphasized the deal’s significance, stating that it “significantly boosts our travel insurance capabilities and amplifies our global footprint.” The acquisition also strengthens Zurich’s presence in the U.S., one of the largest and most lucrative travel insurance markets.
Zurich’s expanded operations will now serve over 20 million clients annually through more than 200 distribution partners, including leading retailers, airlines, travel agencies, and banks. The firm is betting that its newfound dominance will help it tap into a booming sector of the insurance industry as more consumers seek travel protection.
Zurich Buys AIG Travel : Legal Teams and Advisors
The deal involved extensive legal counsel. Zurich was represented by Skadden Arps Slate Meagher & Flom LLP, with partner Elena Coyle leading the team, as well as Clyde & Co. LLP, headed by partner Peter Hodgins. AIG, on the other hand, was advised by Willkie Farr & Gallagher LLP and Norton Rose Fulbright. The Willkie team, led by Laura Delanoy and Robert Rachofsky, played a key role in the negotiation process.
