Firm advises on $854m purchase of AU’s largest travel insurance company

The deal positions insurer as one of the three largest travel insurance providers in the world

Firm advises on $854m purchase of AU’s largest travel insurance company
Gilbert + Tobin has advised the Cover-More Group, the largest travel insurance company in Australia and New Zealand, on its acquisition by Swiss insurance agency Zurich Insurance company.

The top firm advised Cover-More on the scheme, which was supported by 99.93% of all Cover-More shareholders that voted and which closed last week. Zurich, through its wholly owned subsidiary, Zurich Travel Solutions, bought all of Cover-More’s shares on issue for $741m in cash.

The deal puts an enterprise value of $854m on Cover-More on a fully diluted basis. In addition to its leading market position in Australia and New Zealand, Cover-More also has operations in China, India, Malaysia, the UK, and the US.

Zurich, a wholly owned subsidiary of the Zurich Insurance Group, is a multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia Pacific, and the Middle East.

In March, Zurich bought Macquarie Group’s life insurance business for an undisclosed amount.

The Gilbert + Tobin team that advised on the deal was led by corporate advisory partners John Williamson-Noble and Tim Gordon. They were supported by litigation partner Colleen Platford, and lawyers Chris Morse, Jenny Leung, Alexandra Whitby, and Alice Pailthorpe.


Related stories:
Top firm defends Australasia deals crown in Q1
Firm acts in cross-border majority stake acquisitions

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

Australian law firms to set new working parameters

Final week to find the legal profession’s emerging leaders

Partner at major firm defends destroying notes after internal bullying investigation

Major legal consultancy in the UK appoints new managing director

Lawyers need to acknowledge their value, EY Law partner says

Boutique firm’s practice director among Global Banking Regulation Review’s 45 under 45

Most Read Articles

HWL in shock IPO decision

Risk advisory head tapped as NRF's next Australia chair

MinterEllison acts on $446m sale of cancer treatment facility

Lawyers need to acknowledge their value, EY Law partner says