Zurich completes Cover-More takeover for $565m
Zurich Insurance Group has completed the acquisition of Australian travel insurer Cover-More Group in a A$741 million ($565 million) deal that expands its travel portfolio and positions Zurich as a top three global travel insurance provider.
The transaction was first announced in December 2016. The company, through its wholly-owned subsidiary Zurich Travel Solutions, has acquired 100 percent of the issued share capital of Cover-More.
Sydney-based Cover-More is a market leader in Australia and New Zealand and also operates in India and the US.
"Travel insurance is a fast-growing industry and Cover-More is a recognized leader in this sector," said Giovanni Giuliani, group chief strategy, innovation and business development officer, with responsibility for Zurich’s travel business worldwide.
"The innovation and capabilities this acquisition brings to Zurich are as important as the new products and services it adds to our portfolio. All of Cover-More’s strengths will be leveraged throughout our business and across our footprint. They will increase our global competitiveness, enhancing our ability to target new customer groups and strengthening our capacity to meet and exceed the needs and expectations of our customers around the world."
Jack Howell, Zurich’s chief executive officer of Asia Pacific, added: “Cover-More is an excellent business and an excellent fit. It represents a unique opportunity for Zurich to acquire a globally expanding platform and offer capital-light products with low volatility.
"The combination of their products and skills and our reach and international expertise is a win-win for Zurich and Cover-More as we continue to explore new ways to collaborate going forward. We are delighted to welcome them into the Zurich family."
Mike Emmett, group chief executive officer, Cover-More Group, commented: "The acquisition by Zurich, gives our business the ability to pursue our global growth ambitions with the strong backing of Zurich’s brand, reputation and global footprint."
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