Allianz Global Assistance has bolstered its position in the travel insurance sector, closing a five-year deal with student travel specialist STA.

It will underwrite all travel insurance sold through the Swiss student and youth agency’s 84 Australian and New Zealand branches.

The move cements Allianz Global Assistance’s position as a dominant player in travel underwriting, following deals with Jetstar and Travellers Choice.

The company says it has made minor changes to existing STA insurance products, which were previously underwritten by Australian group Cover-More.

Financial details of the deal were not disclosed.

Allianz Global Assistance Sales and Distribution Director Tony McGarvey says culture is key to the new alliance, with both companies having European parents.

Last year Allianz Global Assistance Australia helped more than 18,000 people who needed overseas emergency medical care, and repatriated almost 300 people to Australia. Its travel business has grown 19% in the past 12 months.

Travel insurance and assistance represents almost 45% of the group’s global turnover.