Mark Linton, Cover-More Head of Sales, USA & Canada
Zurich Insurance Group today has acquired Cover-More Group Limited, a travel insurance and assistance solutions provider based in Sydney, Australia, with a strong market position in Australia, India and the U.S., and a growing presence in Canada. Former RBC Insurance VP Mark Linton is Cover-More’s Head of Sales, USA & Canada.
Zurich says the transaction is an important milestone as it looks to significantly expand its travel insurance portfolio and grow in global travel and assistance markets. It says the acquisition of Cover-More positions Zurich as a top three global travel insurance provider.
Zurich paid $730 million for the Cover-More acquisition.
“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. All of Cover-More’s strengths will be leveraged throughout our business and across our footprint. They will increase our global competitiveness, enhancing our ability to target new customer groups and strengthening our capacity to meet and exceed the needs and expectations of our customers around the world.”
Cover-More will continue to operate as a discrete entity and will retain its brand.
“The acquisition by Zurich, gives our business the ability to pursue our global growth ambitions with the strong backing of Zurich’s brand, reputation and global footprint,” said Mike Emmett, Group Chief Executive Officer, Cover-More Group.