Swiss composite insurance provider, Zurich Insurance Group said it has entered into an agreement to acquire the Cover More Group, the leading providers of traveler assistance in Latin America.
The company said the acquired businesses operate under the Travel Ace and Universal Assistance brands.
The transaction encompasses 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.
Cover-More Chief Executive Officer Mike Emmett said the transaction was an opportunity to reshape travel assistance in Latin American markets by deploying Cover-More’s specialist expertise.
“Cover-More’s customer offering is underpinned by proprietary technology, a strong culture of traveler assistance and a global servicing capability. This transaction gives us immediate access to new customers and scale across Latin America, which is among the fastest growing travel insurance and assistance markets worldwide. It will also enable us to better support our customers travelling to Latin America,” Mike Emmett said.
Financial terms of the transaction were not disclosed. The transaction is expected to close in the second quarter of 2018.
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.
