Zurich Insurance has signed a definitive agreement with American International Group (AIG) to acquire its personal travel insurance and assistance business.

The transaction is valued at 600 million USD, with a possible earn-out payment. v The acquisition includes the entire Travel Guard portfolio (excluding Japan and India). Travel coverage provided by AIG’s Accident & Health business is not part of the agreement.v The acquired activities will be combined with those of Cover-More Group, an Australian provider of travel insurance solutions and a member of Zurich Insurance.

Pending regulatory approval, the transaction is expected to be finalized by the end of 2024.