Zurich-owned travel insurer Cover-More has expanded in Latin America with the acquisition of businesses operating under the Travel Ace and Universal Assistance brands.

The deal involves 19 legal entities that provide traveller assistance in countries including Argentina, Brazil, Chile, Colombia, Mexico and Uruguay.

“This transaction gives us immediate access to new customers and scale across Latin America, which is among the fastest-growing travel insurance and assistance markets worldwide,” Cover-More CEO Mike Emmett said.

Sydney-based Cover-More, acquired by Zurich last April, already operates in 14 countries.

The Latin American purchase is expected to close in the second quarter.