AIG to sell its global personal travel insurance and assistance business to Zurich for $600m
Authored by AIG
American International Group, Inc. has announced that it has entered into a definitive agreement to sell its global individual personal travel insurance and assistance business to Zurich Insurance Group for $600 million in cash plus additional earn-out consideration. The agreement includes the Travel Guard business and its servicing capabilities, excluding Japan and our AIG joint venture arrangement in India.
Travel coverages offered through AIG’s Accident & Health business are also excluded from this agreement. The sale is expected to close by the end of 2024, subject to customary closing conditions, including regulatory approvals.
Peter Zaffino, Chairman and Chief Executive Officer of AIG commented: “Today’s announcement is another important strategic step in positioning AIG for the future. I am proud of the work our team has done to establish Travel Guard as a premier provider of personal travel insurance globally, bolstered by strong relationships with some of the world’s largest airlines, online travel agencies and credit card providers. I am confident that Travel Guard will continue its growth and success being part of Zurich Insurance Group. Our AIG colleagues will work closely with Zurich to ensure a seamless transition for employees, customers and our global distribution partners.”
AIG’s global personal travel insurance and assistance business provides a broad range of coverage options and services, including trip cancellation, medical assistance and evacuation. Current policyholders will continue to be covered with no disruption or change to their service.
Evercore Group L.L.C. acted as financial advisor and Willkie Farr & Gallagher LLP and Norton Rose Fulbright LLP acted as legal counsel to AIG.
About AIG
American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions and other financial services to customers in approximately 70 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security.
In the UK, AIG is one of the largest companies specialising in the UK business insurance market. With offices throughout the country, we insure many of the UK’s top businesses, thousands of mid-sized and smaller companies, as well as many public sector organisations and millions of individuals.
With more than 60 years’ experience in the UK we have established an enviable reputation as a dynamic organisation with great cultural diversity. We strive to offer the most innovative solutions for our clients and are committed to helping our clients and our communities Reduce Risk, Recover from Setbacks and Realize Dreams.