Zurich Insurance Group has acquired AIG's global travel insurance and assistance business, including the Travel Guard brand, for $600 million.
This acquisition strengthens Zurich's presence in the travel insurance market, allowing them to serve over 20 million customers and collaborate with 200 distribution partners worldwide.
The integration of AIG's travel insurance business with Cover-More, which Zurich acquired in 2017, will create a new entity called "Zurich Cover-More" headquartered in the United States.
Zurich aims to expand its service offerings beyond traditional travel insurance and take a more holistic approach to travel risk management.
The acquisition has had a financial impact on Zurich, reducing its Swiss Solvency Test ratio by five percentage points.
However, the company has obtained all necessary regulatory approvals for a smooth transition and integration process.
With this acquisition, Zurich solidifies its position as a leading global travel insurer and is well-positioned to meet the growing demand for travel insurance solutions.