New Group Ceo Announced For Cover-More Group

4 July 2024, SYDNEY

Zurich-owned global travel insurance and assistance provider Cover-More Group announced today that David Fike, current Head of Life, Accident & Health (LAH) at Zurich Insurance Group’s (Zurich) North America business, will be the new Cover-More Group CEO, effectively immediately.

The appointment of David Fike follows Zurich’s announcement last week of an agreement to acquire AIG’s global personal travel insurance and assistance business (AIG Travel) for $USD 600 million, plus a potential additional earn-out payment. The business will be combined with Cover-More Group and will significantly expand Zurich’s travel insurance and assistance footprint in the U.S. This will give Zurich access to a new global retail customer base and make it a leading travel insurer globally.

The acquisition, which includes AIG Travel’s well-known Travel Guard® brand, is expected to result in combined annual gross written premiums of approximately $USD 2 billion for the enlarged Cover-More Group.

David Fike will continue to lead the North America LAH business and manage dual responsibilities. He will report to Cara Morton, CEO Zurich Global Ventures.

“This appointment comes at a pivotal time as we immediately move into the integration phase following our recent agreement to acquire AIG’s travel business. With this strategic combination of the travel businesses, North America will become Cover-More Group’s largest region,” said Cara Morton, CEO of Zurich Global Ventures.

“David’s extensive experience in the Life, Accident & Health market makes him the ideal leader to guide our team through this transition, drive our travel business forward, and further strengthen our market position,” she added.

Since joining Zurich in 2014, David Fike served as CEO General Insurance Malaysia, and later provided critical integration leadership as President Director of Adira-Indonesia following Zurich's acquisition of the Adira organisation.

Ms Morton said that David’s time in Malaysia and other roles within Zurich have showcased his commitment and the integration expertise required through this acquisition.

Ms Morton, who was previously Cover-More Group CEO before her promotion to CEO Zurich Global Ventures in February 2024, also thanked interim Cover-More Group CEO and Group CFO, Justin Sebire, who has been leading the global group since February.

“Justin Sebire has been an exceptional interim CEO for Cover-More Group and will now return to his role as Group CFO of Cover-More,” she said.

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