The acquisition enhances Zurich’s position in the travel insurance market, which is valued at approximately $20bn in gross written premium (GWP). Credit: Marlon Trottmann/Shutterstock.

Zurich Insurance Group has completed the acquisition of AIG’s global personal travel insurance and assistance business, including Travel Guard. 

The $600m deal, with an additional potential earn-out payment, was announced in June. 

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It brings together AIG’s Travel Guard with Zurich’s travel insurance provider Cover-More Group, under the new corporate brand Zurich Cover-More. 

Zurich Cover-More’s subsidiaries such as Blue Insurance, Cover-More Travel Insurance, Travel Guard, Travelex Insurance, Universal Assistance and World Travel Protection will maintain their brands in local markets. 

It will be headquartered in the US, with regional units across Latin America, North America, Asia-Pacific and Europe, the Middle East and Africa.  

Zurich Cover-More’s CEO David Fike will lead the integration of the subsidiaries. 

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The acquisition enhances Zurich’s position in the travel insurance market, which is valued at approximately $20bn in GWP.  

The deal has had a five-percentage point impact on Zurich’s Swiss Solvency Test ratio.  

All necessary regulatory approvals for the transaction have been secured. 

The agreement excludes AIG’s travel insurance operations in Japan, its joint venture in India and travel coverages offered through its Group Accident & Health business.  

Evercore Group provided financial advice, while Willkie Farr & Gallagher and Norton Rose Fulbright served as legal counsel to AIG. 

Zurich Global Ventures CEO Cara Morton said: “This acquisition significantly boosts our travel insurance capabilities and amplifies our global footprint. By welcoming Travel Guard into Zurich Cover-More, we aim to deliver unmatched services and protection to our customers worldwide that go beyond traditional travel insurance and assistance.” 

Zurich now serves over 20 million customers annually and partners with more than 200 distributors worldwide.  

Last month, Zurich Insurance Group unveiled its new three-year objectives ahead of the conclusion of its 2023–25 cycle during the company’s Investor Day.  

The targets set forth include aiming for a core return on equity exceeding 23% from 2025 to 2027, achieving cumulative cash generation surpassing $19bn within that period and pursuing an average annual growth rate of more than 9% in core earnings per share.