December 11, 2016 / 10:12 PM / 8 months ago

Australia's Cover-More agrees to $551 mln bid from Zurich Insurance

SYDNEY, Dec 12 (Reuters) - Australian travel insurance provider Cover-More Group on Monday said it had agreed to a A$741 million ($551.16 million) takeover offer from Switzerland's Zurich Insurance Group.

Under the deal, Zurich will acquire Cover-More for A$1.95 cash a share, a 48 percent premium to the target's last closing price of A$1.32 on Friday.

It marks Zurich's second acquisition in the Australian insurance market this year. Zurich in March purchased Macquarie Group's life insurance division for an undisclosed sum.

$1 = 1.3444 Australian dollars Reporting by Jamie Freed; Editing by Bernard Orr

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