Deal “one other essential strategic step,” says CEO
On what’s included within the sale, AIG famous: “The settlement consists of the Journey Guard enterprise and its servicing capabilities, excluding Japan and our AIG three way partnership association in India. Journey coverages provided via AIG’s accident & well being enterprise are additionally excluded from this settlement.”
Anticipated to shut by the tip of 2024, the deal will see Zurich mix the acquired operations with its journey insurance coverage supplier Cowl-Extra Group.
Commenting on the settlement, AIG chair and chief government Peter Zaffino mentioned: “Right now’s announcement is another important strategic step in positioning AIG for the long run.
“I’m pleased with the work our workforce has performed to ascertain Journey Guard as a premier supplier of private journey insurance coverage globally, bolstered by sturdy relationships with a few of the world’s largest airways, on-line journey businesses, and bank card suppliers.
“I’m assured that Journey Guard will proceed its development and success being a part of Zurich Insurance coverage Group. Our AIG colleagues will work carefully with Zurich to make sure a seamless transition for workers, clients, and our world distribution companions.”
In the meantime Cara Morton, CEO of Zurich International Ventures, had this to say: “Travel insurance is a priority for us. This transaction is a good 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.”
In response to Zurich, the acquisition is anticipated to lead to mixed annual gross written premium of roughly $2 billion for the enlarged Cowl-Extra Group.
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