Global insurer American International Group, Inc. (AIG) has successfully closed the previously announced sale of its global individual personal travel insurance and assistance business, including Travel Guard, to Zurich Insurance Group.
It was previously revealed that AIG agreed to sell Zurich these operations for $600 million in cash, with an additional earn-out consideration.
As disclosed when the definitive agreement was signed in June 2024, the sale excludes Japan, AIG’s joint venture arrangement in India, and travel coverages offered through AIG’s Group Accident & Health business.
Evercore Group L.L.C. acted as financial advisor and Willkie Farr & Gallagher LLP and Norton Rose Fulbright LLP acted as legal counsel for AIG.
The global personal travel insurance and assistance business currently provides a broad range of coverage options and services, including trip cancellation, medical assistance and evacuation.
Current policyholders will continue to be covered without disruption or change to their service.
