To pay 600 mln usd plus potential earn-out (Il Sole 24 Ore Radiocor) - Bern, 26 Jun - Zurich Insurance said it signed an agreement to buy the global personal travel insurance business of to acquire AIG's global personal travel insurance business of US insurer AIG for 600 million dollars plus a potential additional earn-out payment for which no details were disclosed.

The business will be combined with Zurich's travel insurance provider Cover-More Group (Cover-More) and will expand its footprint in the US. The acquisition gives Zurich access to a new global retail customer base and makes it a leading travel insurer globally.

As part of the acquisition, Zurich will add AIG Travel's well-established Travel Guard brand to its Cover-More global multi-brand model to expand Cover-More's presence in the US.

It will also provide access to high-quality distribution partners.

The acquisition is expected to result in combined annual gross written premiums of approximately 2 billion dollars for the enlarged Cover-More Group. The transaction is expected to result in a reduction of approximately four percentage points in the Swiss Solvency Test (SST) ratio.

The acquisition is subject to regulatory approval and expected to close before the end of the year.

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(RADIOCOR) 26-06-24 08:04:24 (0081) 5 NNNN