Zurich Insurance buys AIG travel business in $600 mln deal
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 26 2024
0mins
Source: reuters
- Zurich Insurance Acquisition: Zurich Insurance announced a $600 million deal to acquire AIG's global personal travel insurance and assistance business.
- Strategic Expansion: The acquired business will be combined with Zurich's Cover-More Group, expanding its presence in the United States.
- Financial Impact: The acquisition is expected to result in combined annual gross written premiums of around $2 billion for the enlarged Cover-More Group.
- CEO Statement: Cara Morton, CEO of Zurich Global Ventures, emphasized that travel insurance is a priority and that the transaction enhances Zurich's capabilities.
- Closing Date: The deal is anticipated to close before the end of 2024.
Analyst Views on AIG
Wall Street analysts forecast AIG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for AIG is 85.93 USD with a low forecast of 80.00 USD and a high forecast of 96.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
14 Analyst Rating
2 Buy
12 Hold
0 Sell
Hold
Current: 72.310
Low
80.00
Averages
85.93
High
96.00
Current: 72.310
Low
80.00
Averages
85.93
High
96.00
About AIG
American International Group, Inc. is a global insurance company. It provides insurance solutions that help businesses and individuals in over 200 countries and jurisdictions protect their assets and manage risks through its operations, licenses and authorizations and network partners. Its segment includes General Insurance and Other Operations. General Insurance business includes its three segments, including North America Commercial, International Commercial and Global Personal. The North America Commercial consists of insurance businesses in the United States, Canada and Bermuda. The International Commercial consists of insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa, Asia Pacific, Latin America and Caribbean and China. The North America and International Commercial segment products include property and short tail, casualty, financial lines and global specialty. Global Personal segment products include global accident and health and personal lines.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
