#Zstrategy: Zurich now top three global travel insurance provider
Zurich announced it has completed the acquisition of Cover-More, the Sydney-based travel insurance and assistance solutions company, for about $551 million. “Cover-More is an excellent business and an excellent fit. It represents a unique opportunity for Zurich to acquire a globally expanding platform and offer capital-light products with low volatility” – Jack Howell, Zurich’s Chief Executive Officer of Asia Pacific. “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” – Mike Emmett, Cover-More’s Group Chief Executive Officer. Bottom Line: Win.Win. Recall: the news follows the travel insurer’s partnership with Berkshire Hathaway Travel Protection, where the latter planned to underwrite Cover-More’s products in the US. TBD on what to become of that agreement, now that Zurich took over. Oh and #Zstrategy is cleverly real.