American International Group Inc. said it has acquired Travel Guard International, a provider of travel insurance programs and emergency travel assistance, from the Noel Group of Stevens Point, Wis.
Terms of the deal were not released.
As part of the transaction, AIG also acquired Mercury International of Brighton, England; Travel Guard Americas, covering Mexico and parts of South America; and the Travel Guard Canada.
AIG said the acquisition would enhance the company's existing travel insurance business around the world by adding full-service marketing, customer service, claims and assistance expertise to its existing underwriting capabilities.
Noel Group said its travel units have operations in more than 130 countries and jurisdictions. The product is marketed through a network of more than 14,000 agents and nearly 500 travel suppliers in the U.S., Canada, and Central and South America. More than 675 employees will be affected by the transaction.
The company said it would continue to own and operate Stevens Point-based Noel Learning Center, Make A Mark Foundation and Noel Aviation; Compass Properties of Madison, Wis.; Multinational Underwriters of Indianapolis; Noelwerks and MarineCierge, both of Fort Lauderdale, Fla.; and Insure America, based in the Cayman Islands.
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