Zurich Accelerates Growth Of Cover-More Travel Insurance Unit With LatAm Acquisitions
Zurich Insurance Group accelerated the growth of Cover-More Group, its specialist business in travel insurance and assistance solutions worldwide, through agreements to acquire the main travel assistance providers in Latin America. The acquired businesses operate under the brands Travel Ace and Universal Assistance.
The transaction covers 19 legal entities that operate throughout Latin America, mainly in Argentina, Brazil, Chile, Colombia and Mexico.
The financial terms of the transaction were not disclosed. The transaction is expected to close in the second quarter of 2018.
Under the ownership of Zurich, the acquired operations will form Cover-More’s Latin American center, the company said in a statement. The businesses acquired will continue to use the established brands of Travel Ace and Universal Assistance. Cover-More was acquired by Zurich Insurance Group in 2017.
The combined brands of Travel Ace and Universal Assistance have the leading position in the market in Argentina and the number two position in the market in Brazil. Cover-More already operates in 14 countries and is among the market leaders in Australia, India and the USA. UU
Cover-More CEO Mike Emmett said the transaction was an opportunity to reshape travel assistance in the Latin American markets by implementing specialized expertise from Cover-More.
“The Cover-More customer offer is backed by patented technology, a strong traveler assistance culture and global service capability,” he said. “This transaction gives us immediate access to new clients and scale in Latin America, which is among the fastest growing travel and insurance markets in the world, and will also allow us to better help our clients traveling to Latin America.” .
Cover-More Group is a global specialist and integrated travel insurance, medical assistance and employee assistance provider. Cover-More has strong market positions in Australia, India and the USA. UU., Where the group owns Travelex insurance services. In addition, Cover-More has operations in Canada, China, France, Germany, Indonesia, Hong Kong, Malaysia, New Zealand, the Netherlands, Spain and the United Kingdom. Cover-More has a diversified distribution through retail travel, aviation, financial and direct institutions, which is based on optimization technology.
Travel Ace and Universal Assistance currently serve their clients through a series of legal entities, including the following 19 that Zurich will acquire through share purchase agreements:
- Argentina: World Wide Assistance S.A., Universal Assistance S.A., Derimed S.A.
- Brazil: Asistbras S.A. – Assistência ao Viajante, Asistencia Universal – Assistência Ao Viajante Ltda.
- Chile: Travel Ace Chile S.A., Universal Assistance Chile S.A.
- Colombia: Universal Travel Assistance S.A.S.
- Mexico: UA Assistance, S.A. of C.V.
- Panama: International Travel Assistance S.A.
- Spain: Celta Assistance SL
- Uruguay: Universal Assistance S.A., Delkir S.A., Dusfal S.A., Kouler S.A., Eritage S.A., Perunsel S.A., Travel Ace International Services S.A.
- United States: Universal Assistance Inc