Demarest, FERRERE and ASBZ Advogados advised on the transaction
Zurich Insurance Group (Zurich) accelerated the growth of Cover-More Group (Cover-More), its specialist global travel insurance and assistance solutions business, by entering into agreements to acquire the leading providers of traveler assistance in Latin America. The acquired businesses operate under the Travel Ace and Universal Assistance brands.
The transaction encompasses 19 legal entities operating throughout Latin America, most notably in Argentina, Brazil, Chile, Colombia and Mexico. Under Zurich’s ownership, the acquired operations will form Cover-More’s Latin America hub. The acquired businesses will continue to use the well-established Travel Ace and Universal Assistance brands.
Cover-More Chief Executive Officer Mike Emmett said the transaction was an opportunity to reshape travel assistance in Latin American markets by deploying Cover-More’s specialist expertise.
Financial terms of the transaction were not disclosed. The transaction is expected to close in the second quarter of 2018.
The combined Travel Ace and Universal Assistance brands hold the leading market position in Argentina and the number two market position in Brazil. Cover-More already operates in 14 countries and is among the market leaders in Australia, India and the U.S.
Demarest advised Zurich Insurance and Travel Ace with André Alarcon (Picture), Andoni Hernandez Bengoa, Carlos Eduardo Marino Orsolon, Tatiana Campello, Camila Garcindo Dayrell Garrote, Gabriel Carvalho da Costa, Max Ide Hasimoto and Roberto Casarini.
Ferrere advised Zurich Insurance and Travel Ace with Geraldine Ifrán, Walter Planells, Santiago Rodríguez and Laura Oliveros.
ASBZ Advogados advised LAMS – Latin American Marketing Systems Operadora Hoteleira LTDA. with Alexandre B. David.
Involved fees earner: Alexandre David – ASBZ Advogados ; André Alarcon – Demarest; Tatiana Campello – Demarest; Gabriel Carvalho da Costa – Demarest; Camila Garcindo Dayrell Garrote – Demarest; Max Ide Hasimoto – Demarest; Andoni Hernandez Bengoa – Demarest; Carlos Eduardo Marino Orsolon – Demarest; Roberto Pinatti Casarini – Demarest; Geraldine Ifrán – Ferrere Attorneys; Laura Oliveros – Ferrere Attorneys; Walter Planells – Ferrere Attorneys; Santiago Rodriguez – Ferrere Attorneys;