Zurich Buys AIG’s Travel Insurance Business for $600 Million

Zurich Insurance Group AG agreed to buy American International Group’s global travel insurance business for $600 million in cash, expanding the Swiss firm’s presence in a growing retail market.

The deal, which includes an additional earn-out payment, is expected to close by the end of 2024, Zurich said in a statement Wednesday. Zurich will add AIG’s Travel Guard brand to its Cover More line, with the enlarged group expected to bring in some $2 billion in annual gross written premiums, the company said.

Zurich, which closed out last year with its highest return on equity on record, is benefiting ...