Zurich acquires Australian travel group Cover-More for A$741m

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Australian stock exchange listed Cover-More was established in 1986 and provides around 2.2 million travel policies to customers in Australia, China, India, Malaysia, New Zealand, the US (Cover-More bought travel insurance group Travelex in Sptember for A$138m) and the UK. Cover-More has around 40% share of the Australian travel insurance market; the group also provides medical assistance. In the year ending June 2016 Cover-More collected A$435 of travel gross written premiums with EBITDA at