Zurich: buys AIG's travel insurance business

(CercleFinance.com) - Zurich announced on Tuesday that it had completed the acquisition of the travel insurance and assistance business of US-based AIG, for a consideration of $600m, which could be accompanied by a potential earn-out.


The Swiss insurance group emphasizes that the transaction will make it one of the largest global players in the sector, thanks to the integration of the Travel Guard brand, which will be combined with its subsidiary Cover-More.

Zurich explains that this acquisition will strengthen its position in a market representing some $20bn in gross premiums each year, while reinforcing its presence in the US.

If all regulatory approvals have been obtained, the transaction will impact its Swiss Solvency Test (SST) solvency ratio by around 5%.


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