Zurich completes acquisition of Australian travel insurer

Zurich Insurance Group Ltd. said Thursday it has completed its acquisition of Cover-More Group Ltd., a Sydney-based travel insurance and assistance solutions company, for about $551 million.

Cover-More shareholders and its board supported the acquisition, Zurich said in a statement, and the acquisition won the approval by the Federal Court of Australia on March 31, 2017.

Cover-More will continue to operate as a discrete entity and will retain its brand, Zurich said in the statement.
 
Founded in 1986, Cover-More provided travel insurance to 3.8 million travelers and helped 42,000 customers with emergency assistance in 2016, according to the company’s website. It has offices in Australia, the United Kingdom, China, India, New Zealand, Malaysia and the United States.
 
“Travel insurance is a fast-growing industry and Cover-More is a recognized leader in this sector,” Giovanni Giuliani, Zurich’s group chief strategy, innovation and business development officer, said in the statement. “The innovation and capabilities this acquisition brings to Zurich are as important as the new products and services it adds to our portfolio.”