Credit: Elliott Brown / Flickr (Creative Commons)

Zurich Insurance Group has agreed to acquire AIG’s global personal travel insurance and assistance business for $600m.

The deal will combine AIG Travel with Zurich’s Cover-More travel insurance provider and expand the firm in the US. It also gives Zurich access to a new retail customer base and boosts its footprint across the globe.

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Furthermore, Zurich will add AIG Travel’s Travel Guard brand to its Cover-More multi-brand model to bolster Cover-More in the US.

In addition, Zurich will gain AIG Travel’s global service centres as part of the acquisition.

Cara Morton, CEO Zurich Global Ventures, said: “Travel insurance is a priority for us. This transaction is a great strategic fit, which enhances Zurich’s existing capabilities and makes us a leading travel insurance provider across all regions. The acquisition expands our retail customer base and aligns with our ambition to continuously enhance our offerings, while providing world-class protection during every step of our customers’ travels.”

Zurich Insurance Company has also completed the purchase of a 70% stake in India’s Kotak Mahindra General Insurance Company (Kotak General Insurance) for Rs55.6bn ($670m). 

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The deal, first announced in November 2023, has received all the necessary regulatory clearances. 

Zurich bought the stake in Kotak General Insurance through a mix of fresh growth capital and share purchase. 

This deal is touted as the largest foreign investment in India’s general insurance sector since the 2021 increase in the foreign direct investment (FDI) limit to 74%. 

As part of the deal, the business will be rebranded representing Zurich and Kotak Mahindra Bank as partners.