Zurich takes over travel insurance business from AIG
Published: Wednesday, Jun 26th 2024, 07:40
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The Zurich Group is expanding its travel insurance business. It is taking over the travel insurance and assistance business for private customers from AIG under the name AIG Travel. Zurich will integrate the business into its subsidiary Cover-More, as announced on Wednesday.
The takeover will cost Zurich a total of 600 million US dollars. Depending on business performance, an additional earn-out payment will be due as a performance-related additional price. The transaction is expected to be completed before the end of 2024, subject to regulatory approvals.
"The travel insurance business is a high priority for us. This transaction is an excellent strategic fit," said Cara Morton, Head of Zurich Global Ventures, in the press release. Zurich is thus expanding its base with private customers in this business and improving its offering.
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