Zurich Insurance Group’s Acquisition of Travel Ace and Universal Assistance brands


Willkie represented Zurich in 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.

Zurich Insurance Group AG provides insurance-based financial services. The Company, led by Mario Greco, George Quinn and Kristof Terryn offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies. In 2017 Zurich recorded CHF 63 Billion revenues.

Willkie advised Zurich with partner and Chairman of the firm Thomas Cerabino (Picture) and partner and head of the firm’s Latin American practice Maria-Leticia Ossa Daza. Also working on the transaction were partners Jordan Messinger; senior counsel Richard Reinhold; associates Erin Kinney, Aaron Prince, Kapiljeet Dargan, Rose Ohanesian and Kurt Lyn; and foreign law clerk Anna Martini Pereira.

Involved fees earner: Thomas Cerabino – Willkie Farr & Gallagher; Maria-Leticia Ossa Daza – Willkie Farr & Gallagher; Erin Kinney – Willkie Farr & Gallagher; Kurt Lyn – Willkie Farr & Gallagher; Jordan Messinger – Willkie Farr & Gallagher; Rose Ohanesian – Willkie Farr & Gallagher; Richard Reinhold – Willkie Farr & Gallagher; Kapiljeet Dargan – Willkie Farr & Gallagher;

Law Firms: Willkie Farr & Gallagher;

Clients: Zurich Insurance Group;

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Author: Ambrogio Visconti