Zurich Insurance Group announced the completion of its $600 million acquisition of the personal travel insurance business of American International Group (AIG) on Tuesday. This acquisition is set to solidify Zurich’s position as one of the largest players in the personal travel insurance sector.
The deal, which was first agreed upon in June, includes AIG’s Travel Guard brand and the transfer of AIG’s personal travel insurance business. Zurich confirmed that it will also make potential earn-out payments to AIG if the business meets specific performance targets post-acquisition.
Strategic Move to Strengthen Global Travel Insurance Footprint
Zurich intends to integrate the newly acquired businesses with its existing travel insurance provider, Cover-More Group, to form Zurich Cover-More. The newly combined entity will operate under this new name and move its headquarters to the United States, further strengthening Zurich’s presence in the North American market. David Fike, head of life, accident, and health for Zurich in North America, has been appointed as CEO of Zurich Cover-More.
