American International Group, Inc. (AIG), a leading global insurance entity, has officially completed the sale of its global individual personal travel insurance and assistance services business, which includes Travel Guard, to Zurich Insurance Group AG (ZURVY) as of December 2.
This acquisition, initially agreed upon in June 2024, involves a transaction valued at $600 million, along with potential additional earn-out considerations. Notably, the transaction does not encompass AIG's operations in Japan, its partnership in India, or travel insurance offered through its Group Accident & Health segment.
Evercore Group L.L.C. acted as AIG’s financial advisor for the transaction, with legal matters managed by Willkie Farr & Gallagher LLP and Norton Rose Fulbright LLP.
On Monday, AIG shares concluded regular trading on the New York Stock Exchange down by 1.13%, closing at $76.01, before rising slightly by 0.08% to $76.07 in after-hours trading. Meanwhile, Zurich's shares, under the ticker ZURN.SW, ended Monday's trading on an upward trend, closing 0.72% higher at 562.60 francs.
