Zurich Insurance Group Ltd. sponsored ADR announced that it will acquire the global personal travel insurance and support business of American International Group (AIG.US) for $600 million. The transaction is expected to be completed by the end of the year. The business will merge with Zurich Insurance's travel insurance business, Cover-More Group, and will help expand its business in the United States.

Zurich Insurance stated that after the merger, the annual gross premium income of its subsidiary Cover-More Group will be approximately $2 billion.