Clyde & Co advises Zurich on its acquisition of AIG’s global personal travel business

Global law firm Clyde & Co has advised Zurich Insurance Group (Zurich) on its successful acquisition of American International Group’s (AIG) global personal travel insurance and assistance business, including Travel Guard. The business will operate as “Zurich Cover-More” and relocate its headquarters to the US.

With the completion of the acquisition, Zurich becomes a leading global travel insurer, serving more than 20 million customers and 200 distribution partners around the world.

Roshanak Bassiri Gharb comments: "We are thrilled to have advised our long-standing client, Zurich, on this landmark transaction, which has elevated Zurich to one of the largest travel insurers globally. This transaction was unique and complex, involving over 40 jurisdictions and requiring adherence to tight deadlines. Our role in this process underscores our deep knowledge of the insurance sector and our extensive global network. The successful outcome, achieved within a particularly short timeframe required effective collaboration and global expertise to navigate the complexities of this deal, ensuring that all regulatory and operational challenges were met with precision and efficiency. We are proud to have played a pivotal role in this significant achievement for Zurich."

Clyde & Co acted as co-lead legal counsel to Zurich. Clyde & Co’s cross-practice and cross-jurisdictional team was led by partners, Roshanak Bassiri Gharb (corporate & corporate insurance, Dubai/Abu Dhabi), Peter Hodgins (head of global corporate insurance, Dubai), and Ben Brown (employment, Dubai), associates Vyasna Mahadevey (corporate insurance, Dubai), and Kassem Ayad Mansour (corporate, Cairo), senior associates David True (employment, Dubai), and Susan Romana (employment, Riyadh), and trainee Karen Gabriel (corporate, Cairo), who were supported by team members in Clyde & Co offices in the Middle East and Africa (Cairo, Johannesburg, Nairobi, and Riyadh), Asia Pacific (Hong Kong, Melbourne, Shanghai, Singapore, and Sydney), Europe (Madrid, Munich, Milan, and Paris), and Latin America (Mexico City, Santiago, and Sao Paulo). Further support was rendered by local correspondent firms in Belgium, Bermuda, Canada, Cyprus, Denmark, Ecuador, Finland, Greece, Indonesia, Ireland, Israel, Japan, Korea, Luxembourg, Malaysia, Netherlands, Norway, Philippines, Portugal, Puerto Rico, Sweden, Switzerland, Thailand, and Vietnam.

The Dubai office led this global deal, showcasing the Middle East's rise as a key hub for cross-border transactions and global business leadership.

Clyde & Co is the world's pre-eminent insurance law firm, providing the highest quality advisory services to insurers and their clients operating in both established and emerging markets. We have the broadest insurance business line coverage, and the highest concentration of leading practitioners, of any insurance law firm. Our team of insurance and reinsurance specialists advise local and international insurance sector clients on corporate, commercial, regulatory, and advisory matters.