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.