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Zurich appoints new Cover-More chief after AIG Travel takeover

Zurich has named US-based David Fike as Cover-More Group CEO, taking over from Cara Morton after her promotion to Zurich Global Ventures CEO in February.

Mr Fike, currently head of life, accident and health for Zurich’s North American operations, will maintain those responsibilities while expanding his portfolio in the new role. He will report to Ms Morton.  

The appointment follows Zurich’s move last week to acquire AIG Travel for $US600 million ($1.04 billion). The business will be combined with Cover-More, to expand the travel insurer’s presence in the US.  

Zurich projects the acquisition will take Cover-More’s annual gross written premium to about $US2 billion ($3 billion).   

“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,” Ms Morton said. “With this strategic combination of the travel businesses, North America will become Cover-More Group’s largest region.”

Mr Fike joined Zurich in 2014 and oversaw its Malaysian general insurance operations before his move to North America. His previous experience includes time at Chubb, AIG and Cigna Healthcare. 

Sydney-based Cover-More Group CFO Justin Sebire, who served as interim CEO, will return to his position.