Zurich’s Cover-More Accelerates Latin America Travel Insurance Expansion

March 13, 2018

Zurich Insurance Group is doubling down on plans to expand throughout Latin America.

Weeks after agreeing to pay $409 million for the Latin American operations of Australian insurer QBE, the Swiss carrier announced it will grow the recently acquired Cover-More Group travel insurer/service provider business within several Latin American countries.

The Swiss carrier said Cover-More has signed deals to acquire 19 legal entities in the traveler assistance space that operate in Latin America, particularly in Argentina, Brazil, Chile, Colombia and Mexico. Zurich said that the acquired businesses operate under the Travel Ace and Universal Assistance Brands, and now they’ll form Cover-More’s Latin American hub.

Plans call for continuing to use the Travel Ace and Universal Assistance brands. Financial terms of the acquisitions were not disclosed.

“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,” Cover-More Chief Executive Officer Mike Emmett said in prepared remarks. “It will also enable us to better support our customers traveling to Latin America.”

Zurich has focused heavily in recent months on expanding into emerging markets such as Latin America. It closed the deal to snatch up Cover-More for $551 million in April 2017, gaining a company with a global reach in areas including travel insurance, medical assistance and employee assistance.

Zurich’s plan to acquire QBE’s Latin American operations will help it to become the top insurer in Argentina and build market share in other neighboring countries. The acquisition will be completed by the end of 2018, pending regulatory approvals.

Source: Zurich Insurance Group/Cover-More