Zurich has announced that it will be acquiring the global personal travel insurance business of American International Group (AIG) for $600 million. The deal is expected to be finalized by the end of 2024 and may include an additional payment if specific targets are achieved post-sale.
This acquisition is a strategic fit for Zurich as it positions them as a leader in the travel insurance industry across all regions, expanding their presence in the U.S. as part of Zurich’s travel insurance provider, Cover-More Group. The CEO of Zurich Global Ventures, Cara Morton, stated that by integrating AIG’s global IT platform and service centers, Cover-More’s capabilities will be significantly enhanced.
Zurich has identified travel insurance as a top priority and this acquisition is a crucial step towards achieving this goal. The sale is also a crucial step for AIG as it positions them for the future and ensures a smooth transition for employees, customers, and distribution partners. The deal excludes travel coverages offered through AIG’s A&H business.
The acquisition is expected to result in annual gross written premiums of around $2 billion for the new Cover-More Group. Analysts at Bank of America believe that Zurich’s acquisition is a sensible move that could potentially increase earnings per share by 1-2% after integration.
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