Zurich Insurance Group has completed its $551 million acquisition of Cover-More, an Australian travel insurer and service provider that operates in Australia, India and the U.S.

This transaction is an important milestone for Zurich as it looks to significantly expand its travel insurance portfolio and grow in global travel and assistance markets. According to Zurich, the acquisition of Cover-More positions it as a top three global travel insurance provider.

The acquisition received overwhelming support from Cover-More shareholders and its board of directors and received the approval of the Scheme of Arrangement by the Federal Court of Australia on March 31, 2017, the company statement added.

“Travel insurance is a fast-growing industry and Cover-More is a recognized leader in this sector,” said Giovanni Giuliani, Group Chief Strategy, Innovation and Business Development officer, with responsibility for Zurich’s travel business worldwide.

“The innovation and capabilities this acquisition brings to Zurich are as important as the new products and services it adds to our portfolio,” he said.

Cover-More Group Chief Executive Officer Mike Emmett said in prepared remarks that its acquisition by Zurich gives the insurer “the ability to pursue our global growth ambitions with the strong backing of Zurich’s brand, reputation and global footprint.”

Cover-More will continue to operate as a separate entity and will retain its brand.

Source: Zurich Insurance Group