Zurich Insurance to Buy AIG Travel for $600 Million
By Pierre Bertrand
Zurich Insurance Group agreed to acquire American International Group's global personal travel insurance and assistance business for $600 million.
The deal for AIG Travel will also include a potential earnout payment and will combine the business with Zurich's travel insurance provider, Cover-More Group, the company said Wednesday.
Cover-More is expected to have around $2 billion in combined annual gross written premiums before adjustments for deposit accounting, Zurich said.
The acquisition is expected closed before the end of the year and is subject to regulatory approval.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
June 26, 2024 01:47 ET (05:47 GMT)
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