(Bloomberg) -- Zurich Insurance Group AG is looking to buy companies to further boost its growing retail health, travel and wellbeing business, following the completion of the $600 million purchase of American International Group’s Travel Guard unit.
“Employee assistance services is something I’m interested in,” Cara Morton, chief executive of Zurich Global Ventures, said in an interview. “There could be other areas in the retail space, like pet insurance.”
Zurich Global Ventures is the insurer’s platform business, which builds and sells globally applicable retail products. On Tuesday it announced it closed the purchase of AIG’s travel insurance brand, which will now operate under the Zurich Cover-More label and relocate its headquarters from Australia to the US.
“Travel is a really attractive proposition,” Morton said. “Since the Covid pandemic the awareness of travel insurance has really accelerated and we’re seeing high single-digit growth projections with travel insurance.”
The deal is one of a string of recent acquisitions the Swiss insurance company has made, which include the purchase of a majority stake in India’s Kotak General Insurance Company Ltd, as well as a strategic investment in employee benefits firm Onsi. Chief Executive Officer Mario Greco has used bolt-on acquisitions to help bolster growth and compete with rivals such as Allianz SE and Axa SA.
Last month the insurer set new targets for profitability and profit growth for the next three years, after a better-than-expected market returns put it on track to exceed its existing guidance a year ahead of plan.
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