Zurich acquires AIG’s global personal travel business

Zurich Insurance Group has successfully acquired AIG’s global personal travel insurance and assistance business, including Travel Guard, for US$600 million, plus a potential earn-out payment.

Cara Morton, CEO of Zurich Global Ventures, commented: “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.”

Travel Guard is combined with Zurich’s travel insurance provider, Cover-More Group, under the new corporate brand Zurich Cover-More. Zurich Cover-More’s subsidiaries, including Travel Guard, Travelex Insurance, Cover-More Travel Insurance, World Travel Protection, Blue Insurance, and Universal Assistance, will continue to operate under their brands in their local markets.

Zurich Cover-More will establish its new headquarters in the US under the leadership of Chief Executive Officer David Fike and have regional units in Latin America, North America, Asia Pacific, and Europe, the Middle East and Africa (EMEA).

The company said it now serves more than 20 million customers annually and maintains long-term relationships with more than 200 distribution partners.

Ges Lonsdale, Head of Partnerships for Cover-More Europe, recently spoke to the ITIJ team about new travel trends, how customer behaviour is changing, and why new tech is vital for the industry.