Zurich Insurance Group accelerated the growth of Cover-More Group, its specialist global travel insurance and assistance solutions business, by entering into agreements to acquire the leading providers of traveler assistance in Latin America.
The acquired businesses operate under the Travel Ace and Universal Assistance brands. The transaction encompasses 19 legal entities operating throughout Latin America, most notably in Argentina, Brazil, Chile, Colombia and Mexico. Under Zurich’s ownership, the acquired operations will form Cover-More’s Latin America hub.
The new businesses will continue to use the well-established Travel Ace and Universal Assistance brands.
Cover-More CEO Mike Emmett said 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 traveller assistance and a global servicing capability. 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,” Mike Emmett said. The transaction is expected to close in the second quarter of 2018.
Cover-More operates in 14 countries, including in Australia, India and the US.