Zurich grows Cover-More with acquisitions
Zurich Insurance Group in March 2018 accelerated the growth of Cover-More Group, its specialist global travel insurance and assistance solutions business, by entering into agreements to acquire providers of traveler assistance in Latin America. These acquired businesses operate under the Travel Ace and Universal Assistance brands.
The transaction incorporates 19 legal entities operating throughout Latin America, most notably in Argentina, Brazil, Chile, Colombia and Mexico. Under Zurich’s ownership, the acquired operations will form Cover-More’s Latin America hub. The acquired businesses will continue to use the well-established Travel Ace and Universal Assistance brands.
The combined Travel Ace and Universal Assistance brands hold the leading market position in Argentina and the number two market position in Brazil. Cover-More already operates in 14 countries and is among the market leaders in Australia, India and the U.S. The group is a global specialist and integrated travel insurance, medical assistance and employee assistance provider with strong market positions in Australia, India and the USA where the group owns Travelex Insurance Services.
In addition, Cover-More has operations in Canada, China, France, Germany, Indonesia, Hong Kong, Malaysia, New Zealand, the Netherlands, Spain and the United Kingdom. Cover-More has diversified distribution across retail travel, aviation, financial institutions and direct which is underpinned by optimization technology. Cover-More was acquired by Zurich Insurance Group in 2017.
Financial terms of the transaction were not disclosed. The transaction is expected to close in the second quarter of 2018.