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Zurich Insurance to create LatAm hub for travel assistance through acquisitions

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Zurich Insurance to create LatAm hub for travel assistance through acquisitions

Zurich Insurance Group AG signed share purchase agreements to acquire 19 legal entities that provide travel assistance solutions in Latin America.

The acquired businesses will form the Latin American hub of Cover-More Group Ltd., Zurich Insurance's specialist global travel insurance and assistance solutions business, and operate under the Travel Ace and Universal Assistance brands. The financial terms of the deal, which is expected to complete in the second quarter, were not disclosed.

The businesses are World Wide Assistance SA, Universal Assistance SA and Derimed SA in Argentina; Asistbras SA - Assistência ao Viajante and Universal Assistance - Assistência Ao Viajante Ltda. in Brazil; Chile-based Travel Ace Chile SA and Universal Assistance Chile SA; Colombia's Universal Travel Assistance SAS; UA Assistance SA de CV in Mexico; Panama-based International Travel Assistance SA; Universal Assistance SA, Delkir SA, Dusfal SA, Kouler SA, Eritage SA, Perunsel SA and Travel Ace Internacional de Servicios SA in Uruguay; Spain's Celta Assistance SL; and U.S.-based Universal Assistance Inc.