American International Group, Inc has agreed to sell its global individual personal travel insurance and assistance business to Zurich Insurance Group for approximately £475m in cash and an additional earn-out consideration. The deal includes the Travel Guard business and its servicing capabilities, but excludes Japan and AIG’s joint venture arrangement in India. It also excludes travel coverages offered through AIG’s accident and health business.

Peter Zaffino, chairman and chief executive officer of AIG, said: “I am proud of the work our team has done to establish Travel Guard as a premier provider of personal travel insurance globally, bolstered by strong relationships with some of the world’s largest airlines, online travel agencies and credit card providers.

“I am confident that Travel Guard will continue its growth and success being part of Zurich Insurance Group. Our AIG colleagues will work closely with Zurich to ensure a seamless transition for employees, customers and our global distribution partners.”