Zurich to acquire Cover-More
Australian travel insurer Cover-More has been bought by Zurich Insurance, as part of the group’s plans to expand into travel insurance. Cover-More will operate as a standalone entity and will retain its brand. The takeover offer is said to have increased shares in Cover-More by more than 40 per cent.
“The proposed acquisition is an excellent fit with Zurich’s strategy for its retail business and should create significant value for the group,” said Jack Howell, Zurich’s CEO for the Asia Pacific region. “It will further strengthen our position and expertise in the global travel insurance market and support our ambition to expand our distribution partnerships.”
It is believed the scheme will be implemented no later than the second quarter of 2017.