Zurich is now one of the world’s top three global travel insurance providers with the completion of the acquisition of Sydney-based Cover-More.

The Swiss insurer acquired the 100% stake through its subsidiary Zurich Travel Solutions, for about $741 million.

Zurich Chief Strategy, Innovation and Business Development Officer Giovanni Giuliani says the deal is about Cover-More’s innovation and capabilities as much as its products and services. 

“All Cover-More’s strengths will be leveraged throughout our business and across our footprint,” he said. “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 operate as a standalone entity and retain its brand.

Zurich CEO Asia Pacific Jack Howell says the acquisition provides an opportunity to pursue global growth ambitions.

“Cover-More is an excellent business and an excellent fit,” he said. “It represents a unique opportunity for Zurich to acquire a globally expanding platform and offer capital-light products with low volatility.”