nib exits travel insurance underwriting in Australia and New Zealand

nib Group has agreed to sell its Australian and New Zealand travel insurance businesses to Allianz Partners for up to AUD 50 million and entered into a long-term distribution partnership for nib-branded travel insurance products.

The transaction includes nib’s travel insurance portfolio, partnerships, white-label channel, and Travel Insurance Direct business, but excludes World Nomads, which nib agreed to sell to SiriusPoint-owned International Medical Group earlier this year for AUD 67.5 million.

Under the agreement, Allianz Partners will acquire the businesses for approximately AUD 30 million at closing, with an additional AUD 20 million tied to performance conditions during the first year after completion. nib will also receive commissions for distributing travel insurance products through its channels.

The deal represents the final divestment of nib Travel and is expected to close by the end of 2026, subject to regulatory approvals and customary closing conditions.

In fiscal year 2025, nib Travel contributed AUD 6.7 million to nib Group’s underlying operating profit of AUD 239.2 million.

Based on Coverager data, the transaction is among the largest travel insurance deals with a disclosed value in recent years. The sale of nib’s Australian and New Zealand travel insurance operations to Allianz Partners is worth up to AUD 50 million, trailing nib’s AUD 67.5 million sale of World Nomads to SiriusPoint-owned International Medical Group. However, Zurich’s acquisition of AIG’s Travel Guard business in 2024 is likely the largest travel insurance transaction of recent years, although financial terms were not disclosed.

Other notable transactions in the sector include International Medical Group’s acquisition of Assist America in 2025, J.C. Flowers-backed Heymondo’s acquisition in 2025, and NSM Insurance Group’s acquisitions of InsureandGo and AllClear in 2024.