Following its purchase of Macquarie Group’s life insurance division in March this year, Swiss insurance giant Zurich has further bolstered its presence in the region.
Swiss insurance group Zurich is expanding its Asia-Pacific footprint with news it has moved to acquire Australia’s biggest travel insurance provider, Cover-More Group.
In a statement to the Australian Stock Exchange (ASX) the Sydney based firm said it had agreed to a $551.16 million takeover offer from Switzerland’s Zurich Insurance Group.
Seeking Growth in an Active Sector
The Australian insurance sector has seen several deals this year and the trend is likely to continue into 2017 when ANZ is expected to dispose of its own insurance units.
Acquisitive Japanese insurers such as Dai Ichi and Meiji Yasuda who are struggling for growth in their domestic market, are known to be keen on the insurance arm of ANZ's wealth unit.
finews.asia reported in October on the deal that saw National Australia Bank finalise the sale of 80 percent of its MLC life insurance subsidiary to Nippon Life Insurance for $2.4 billion.
