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Zurich to appoint David Fike as CEO of Cover-More Group after acquiring AIG Travel business

Jul 04, 2024•over 1 year ago

Acquiring Company

Zurich Insurance Group

Acquired Company

American International Group (AIG)

New YorkInsuranceInsurance

Description

Zurich-owned global travel insurance and assistance provider, Cover-More Group, announced the appointment of David Fike as the new CEO. This move comes following Zurich's recent agreement to acquire AIG's global personal travel insurance and assistance business, which will be combined with Cover-More Group and significantly expand Zurich's travel insurance and assistance footprint in the U.S.

Company Information

Company

Zurich Insurance Group

About

Zurich Insurance Group is a leading multi-line insurer that serves its customers in global and local markets. With about 54,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed