nib acquires QBE’s travel insurance business
nib acquires QBE’s travel insurance business as part of World Nomads Group expansion
nib holdings limited (which operates New Zealand’s second largest health insurer, nib New Zealand) has announced the acquisition of QBE’s travel insurance business (QBE Travel), Australia’s fourth largest travel insurer, for a total consideration of up to $25 million.
QBE Travel has an extensive distribution network in both Australia and New Zealand including partnerships with well-known brands, as well as an extensive network of more than 2,000 travel insurance agents. It also includes a 24-hour emergency assistance service, claims management and medical underwriting capability.
Please see our ASX announcement made today which provides further details about the acquisition which is expected to complete in the first quarter of 2019.