Zurich acquires travel carrier

Australia’s Cover-More Group is being bought for USD741 million by Zurich as part of the global group’s plans to expand into the travel insurance business.

“This reflects the strategic value of Cover-More’s business including its strong market position, global distribution footprint and its ability to deliver growth into the future,” said Cover-More chairman Louis Carroll.

CEO Mike Emmett said CoverMore would be well positioned to accelerate growth in the global travel insurance market with access to Zurich’s global platform.

“This is an acknowledgement of our expanding global footprint, specialist travel insurance capability and market-leading partnerships in key markets,” he said.

“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 Asia Pacific.

“It will further strengthen our position and expertise in the global travel insurance market and support our ambition to expand our distribution partnerships.”

Under Zurich ownership, Cover-More will operate as a standalone entity and will retain its brand.