Willkie advised American International Group, Inc. (NYSE: AIG) on its definitive agreement to sell its global individual personal travel insurance and assistance business to Zurich Insurance Group for $600 million in cash plus additional earn-out consideration.

Announced on June 26, 2024, the sale includes AIG’s Travel Guard business and its servicing capabilities, excluding Japan and AIG’s joint venture arrangement in India. AIG’s global personal travel insurance and assistance business provides a broad range of coverage options and services, including trip cancellation, medical assistance and evacuation.

The sale is expected to close by the end of 2024, subject to customary closing conditions, including regulatory approvals.

AIG is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in approximately 190 countries and jurisdictions protect their assets and manage risks through AIG operations and network partners.

The Willkie team was led by partners Laura Delanoy and Robert Rachofsky and included partners David Heales, Morgan McDevitt, Eugene Chang and Geri McEvoy.