Wednesday, July 24, 2024
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Zurich Insurance has announced a significant strategic move with a $600 million acquisition deal to purchase AIG’s global personal travel insurance and assistance business. This acquisition will integrate AIG’s operations with Zurich’s travel insurance arm, Cover-More Group (Cover-More), significantly expanding its market presence in the United States and globally.

According to Zurich, the combined entity is expected to achieve annual gross written premiums totaling around $2 billion once the acquisition closes, anticipated before the end of 2024. This move underscores Zurich’s commitment to prioritizing travel insurance as a core area of growth.

Cara Morton, CEO of Zurich Global Ventures, highlighted the strategic alignment of the acquisition, emphasizing that it enhances Zurich’s existing capabilities and positions the company as a leading provider of travel insurance worldwide across all major regions.

The transaction marks a pivotal step for Zurich in bolstering its market position and expanding its service offerings, aiming to capitalize on the growing demand for travel insurance and related services globally.

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