Zurich Insurance coverage Group has agreed to amass AIG’s world private journey insurance coverage and help enterprise for $600m.
The deal will mix AIG Journey with Zurich’s Cowl-Extra journey insurance coverage supplier and broaden the agency within the US. It additionally provides Zurich entry to a brand new retail buyer base and boosts its footprint throughout the globe.
Moreover, Zurich will add AIG Journey’s Journey Guard model to its Cowl-Extra multi-brand mannequin to bolster Cowl-Extra within the US.
As well as, Zurich will acquire AIG Journey’s world service centres as a part of the acquisition.
Cara Morton, CEO Zurich International Ventures, mentioned: “Journey insurance coverage is a precedence for us. This transaction is a superb strategic match, which boosts Zurich’s present capabilities and makes us a number one journey insurance coverage supplier throughout all areas. The acquisition expands our retail buyer base and aligns with our ambition to repeatedly improve our choices, whereas offering world-class safety throughout each step of our clients’ travels.”
Zurich Insurance coverage Firm has additionally accomplished the acquisition of a 70% stake in India’s Kotak Mahindra Common Insurance coverage Firm (Kotak Common Insurance coverage) for Rs55.6bn ($670m).
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The deal, first introduced in November 2023, has acquired all the mandatory regulatory clearances.
Zurich purchased the stake in Kotak Common Insurance coverage by means of a mixture of recent progress capital and share buy.
This deal is touted as the biggest international funding in India’s normal insurance coverage sector because the 2021 improve within the international direct funding (FDI) restrict to 74%.
As a part of the deal, the enterprise will probably be rebranded representing Zurich and Kotak Mahindra Financial institution as companions.
