March 21, 2006 by Canadian Underwriter
Noel Group is selling Travel Guard International and several affiliated companies to American International Group, Inc. (AIG).
Travel Guard International provides travel insurance, emergency medical assistance and travel assistance programs. It markets its products through a network of more than 14,000 agents and nearly 500 travel suppliers in the United States, Canada, and Central and South America.
Travel Guard International and its affiliates included in the acquisition have more than 675 employees. The acquisition includes Travel Guard Canada (Toronto, Canada); Travel Guard Americas (Buenos Aires, Argentina; Bogota, Colombia; Mexico City, Mexico); and Mercury International Assistance (Brighton, England).
Following the acquisition, John Noel will continue to serve as Travel Guard’s CEO. “AIG companies have over 90,000 employees and the most extensive worldwide property-casualty and life insurance networks of any insurer,” Noel said of the merger. “They are leading providers of retirement services, financial services and asset management around the world. We are very proud to be a part of this world-renowned organization.
“It bodes well for Wisconsin to have AIG with a major operation based in the state, as it will contribute to state’s economic and business growth.”
Noel said Travel Guard’s business and individual customers can expect a seamless transition. “Travel Guard has built its reputation on providing outstanding service, innovative products and comprehensive protection — always leading the market with consumer-oriented services,” he said. “Joining a company such as AIG gives Travel Guard the opportunity to offer our customers global expertise, capabilities and services unmatched in the world.”
Following the acquisition, Noel Group will continue to own and operate Stevens Point-based Noel Learning Center, Make A Mark Foundation and Noel Aviation; Compass Properties (Madison, Wisconsin), Multinational Underwriters (Indianapolis), Noelwerks and MarineCierge (both of Fort Lauderdale, Florida) and Insure America (Cayman Islands).