Zurich Insurance buys AIG travel business in $600 million deal

By John Revill

ZURICH (Reuters) -Zurich Insurance on Wednesday announced a $600 million deal to buy AIG (NYSE:)’s global personal travel insurance and assistance business.

The business will be combined with Zurich’s travel insurance provider Cover-More Group (Cover-More) and will expand its footprint in the United States, Zurich said.

The acquisition, which is expected to close before the end of 2024, will result in combined annual gross written premiums of approximately $2 billion for the enlarged Cover-More Group.

“Travel insurance is a priority for us,” said Cara Morton, CEO Zurich Global Ventures.

“This transaction is a great strategic fit, which enhances Zurich’s existing capabilities and makes us a leading travel insurance provider across all regions,” she added.