nib expands its travel insurance business

nib holdings is to buy QBE’s travel insurance business for a total of up to A$25 million.

The acquisition includes the distribution and claims capability of QBE Travel, but excludes capital supporting the business and the QBE brand. Consistent with nib’s strategy to grow its World Nomads Group (WNG) travel insurance business,
the acquisition will provide greater scale and distribution reach.

Final total consideration is dependent on the level of business generated. The acquisition is expected to complete in the first quarter 2019.

QBE Travel has an extensive distribution network including partnerships with well-known Australian brands, as well as a national network of more than 2,000 travel insurance agents. The business also includes a 24-hour emergency assistance service, claims management and medical
underwriting capability.