Zurich to run its Cover-More travel insurance business from London in 2027

Zurich Insurance Group will move the base of Zurich Cover-More, its personal travel insurance and assistance business, from Sydney to London in the first quarter of 2027, group chief executive Mario Greco told Insurance Times on 2 November.

The business combines Cover-More Group, which Zurich bought in 2017, with the global personal travel business Zurich bought from AIG, including the Travel Guard brand. Greco said the merger "will be practically finished by the end of this year". "Once they're integrated, we move it to London," he said.

The plan differs from the one Zurich set out when it completed the AIG purchase. In a release on 3 December 2024, Zurich said it had paid $600m plus a potential earn-out, and that Zurich Cover-More would establish its new headquarters in the US under chief executive David Fike. It said the combined business served more than 20 million customers and more than 200 distribution partners, in a global market worth about $20bn in gross written premiums.

Greco told Insurance Times that "there aren't that many places in the world where you can run global businesses", and that London "still offers that". He said Zurich's travel business is "the second biggest globally", and that Zurich is now "the biggest commercial insurance company in the UK".

The move follows Zurich's completion of its Beazley acquisition on 2 October, which Zurich said created the world's largest specialty insurance business, headquartered in London. Greco said then that London "has already been chosen as the natural base for our global Specialty business".

Zurich Cover-More's brands, including Travel Guard, Travelex Insurance, Cover-More Travel Insurance, World Travel Protection, Blue Insurance and Universal Assistance, continue to trade under their own names in local markets. Greco said Zurich has no plans to move other business units to London.

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Sources

• Insurance Times: Zurich to home global travel business in London following AIG unit merger (2 November 2026)
• Zurich: Zurich acquires AIG's global personal travel business (3 December 2024)
• Zurich: Zurich completes Beazley acquisition (2 October 2026)

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