Willkie represented Zurich in the transaction.
Zurich Insurance Group accelerated the growth of its specialist global travel insurance and assistance solutions business, Cover-More Group, by acquiring 19 traveler assistance providers in Latin America, positioning Cover-More as the leader in travel assistance solutions in the region. The acquired operations will continue to use the well-established Travel Ace and Universal Assistance brands, and will form Cover-More’s Latin American hub.
The transaction encompasses 19 legal entities operating throughout Latin America, most notably in Argentina, Brazil, Chile, Colombia and Mexico. The combined Travel Ace and Universal Assistance brands hold the leading market position in Argentina and the number two market position in Brazil. Cover-More already operates in 14 countries and is among the market leaders in Australia, India and the U.S. The transaction is expected to close in the second quarter of 2018.
The Willkie deal team was led by partner and Chairman of the firm Thomas Cerabino and partner and head of the firm’s Latin American practice Maria-Leticia Ossa Daza. Also working on the transaction were partners Jordan Messinger; senior counsel Richard Reinhold; associates Erin Kinney, Aaron Prince, Kapiljeet Dargan, Rose Ohanesian and Kurt Lyn; and foreign law clerk Anna Martini Pereira.