Zurich Insurance Group has agreed to acquire Cover-More Group’s specialist travel insurance and assistance solutions businesses in 19 markets across Latin America.
The acquired businesses operate under the Travel Ace and Universal Assistance brands.
Under the terms of the agreement, the Swiss insurance group will buy Cover-More’s businesses in Argentina, Brazil, Chile, Colombia and Mexico, Panama, Spain, Uruguay and US, among others.
The acquired operations under Zurich’s ownership will form Cover-More’s Latin America hub and will continue to use Travel Ace and Universal Assistance brands.
Cover-More CEO Mike Emmett said that 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,” Emmett added.
“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.”
The transaction, whose financial terms have not been revealed, is expected to close during the second quarter of 2018.
The integrated Travel Ace and Universal Assistance brands are expected to hold the leading market position in Argentina and the number two position in Brazil.