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Industry News > Zurich Completes Acquisition of Cover-More

Zurich Completes Acquisition of Cover-More

by Milan Korcok, posted on 7:28 AM, April 14, 2017
Zurich Insurance Group has announced completion of its acquisition of Cover-More Group Limited, an Australia-based travel insurance and assistance provider with an expanding market position in Asia, India, New Zealand, the U.K. and North America.

Zurich Insurance Group has announced completion of its acquisition of Cover-More Group Limited, an Australia-based travel insurance and assistance provider with an expanding market position in Asia, India, New Zealand, the U.K. and North America. (See earlier story in THIA NEWS, Vol . 19 # 1).

In its April 13, 2017 release, Zurich reports that it acquired 100 percent of the issued share capital of Cover-More for  AUD 1.95 per share, approximately AUD 741 million (USD 565 million).

Mike Emmett, Group Chief Executive Officer of Cover-More said: “The acquisition by Zurich, gives our business the ability to pursue our global growth ambitions with the strong backing of Zurich’s brand, reputation and global footprint.”

Cover-More will continue to operate as a discrete entity and retain its brand.