Deal will see Cover-More expand in USA via AIG’s Travel Guard brand.
Zurich Insurance Group has just announced the US$600 million acquisition of AIG’s global personal travel insurance and assistance businesses.
The well-established Travel Guard brand will become part of the portfolio, and Cover-More will also “strengthen its global capability through AIG Travel’s global IT platform”.
Zurich will acquire AIG Travel’s global service centres as part of the deal which will see the enlarged Cover-More group transact annual gross written premiums of approximately US$2 billion.
Cover-More Travel Insurance recently confirmed it would part ways with Flight Centre in November this year, after being the travel giant’s retail travel insurance provider for over three decades.
More details in tomorrow’s issue of Travel Daily.