M&A Deal Summary

Zurich Insurance Acquires Cover-More

On April 13, 2017, Zurich Insurance acquired insurance company Cover-More for 722M AUD

Acquisition Highlights
  • This is Zurich Insurance’s 5th transaction in the Insurance sector.
  • This is Zurich Insurance’s 2nd largest (disclosed) transaction.
  • This is Zurich Insurance’s 1st transaction in Australia.

M&A Deal Summary

Date 2017-04-13
Target Cover-More
Sector Insurance
Buyer(s) Zurich Insurance
Deal Type Add-on Acquisition
Deal Value 722M AUD

Target

Cover-More

North Sydney, Australia
Cover-More, Inc. is a global specialist and integrated travel insurance, medical assistance, and employee assistance provider. Cover-More has strong market positions in Australia, India and the USA where the group owns Travelex Insurance Services. In addition, Cover-More has a presence in China, Indonesia, Malaysia, New Zealand, and the United Kingdom. Cover-More has diversified distribution across retail travel, aviation, financial institutions and direct which is underpinned by optimization technology.

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Buyer(S) 1

Buyer

Zurich Insurance

Zurich, Switzerland

Category Company
Founded 1872
Sector Insurance
Employees60,000
Revenue 70.0B USD (2023)
DESCRIPTION
Entrance to Zurich Insurance's headquarters in Zurich, Switzerland.
Entrance to Zurich Insurance's headquarters in Zurich, Switzerland.

Zurich Insurance is a multi-line insurer that serves its customers in global and local markets. Zurich provides a wide range of general insurance and life insurance products and services. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, including multinational corporations, in more than 170 countries. The Company was formed in 1872 and is based in Zurich, Switzerland.


DEAL STATS #
Overall 6 of 10
Sector (Insurance) 5 of 5
Type (Add-on Acquisition) 4 of 7
Country (Australia) 1 of 1
Year (2017) 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-04 Zurich Assurances Maroc S.A.

Casablanca, Morocco

Zurich Assurances Maroc is one of the largest insurance companies in Morocco, currently ranking at number 7 in the property and casualty market and serving more than 600,000 customers. In 2015, Zurich Assurances Maroc generated 114 million euros in gross premiums written. The company also has a license for life and health insurance products, which Allianz plans to utilize.

Sell €244M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-12 Zurich Insurance Group - Workplace Pensions & Savings Business

United Kingdom

Zurich Insurance Group Ltd. - Workplace Pensions & Savings Business offering and broadens its participation in the financial planning and retirement segment whilst delivering a modern, flexible workplace savings platform.

Sell -