Travel
Zurich to buy AIG’s personal travel business for $600 million
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is acquiring AIG’s global personal travel insurance and assistance business (AIG Travel) for $600 million, plus a potential additional earn-out payment, pending regulatory approvals. The business will be combined with Zurich’s travel insurance provider Cover-More and will expand its footprint in the US. The acquisition gives Zurich access to a new global retail customer base and makes it a leading travel insurer globally.
“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.” – Cara Morton, CEO at
Zurich Global Ventures See full company profile
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As part of the acquisition, Zurich will add AIG Travel’s Travel Guard brand to its Cover-More model and acquire AIG Travel’s global service centers, excluding Japan and AIG’s joint venture arrangement in India. Travel coverages offered through AIG’s Accident & Health business are also excluded from this agreement.
“Today’s announcement is another important strategic step in positioning AIG for the future. I am proud of the work our team has done to establish Travel Guard as a premier provider of personal travel insurance globally, bolstered by strong relationships with some of the world’s largest airlines, online travel agencies and credit card providers. I am confident that Travel Guard will continue its growth and success being part of Zurich Insurance Group. Our AIG colleagues will work closely with Zurich to ensure a seamless transition for employees, customers and our global distribution partners.” – Peter Zaffino, Chairman and Chief Executive Officer of
AIG See full company profile
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