Nib Group sells its travel insurance to International Medical Group
Make us a preferred source
Make us a preferred source on Google
The news: Health and travel insurance provider Nib Group has entered into a binding agreement to sell its World Nomads international travel insurance arm to International Medical Group for $67.5 million, subject to customary adjustments.
Net cash proceeds from the transaction are expected to be around $70 million.
The context: The transaction relates solely to the World Nomads international travel and does not include any other Nib Travel assets. Nib said its review of the remaining Australian and New Zealand travel insurance operations is ongoing.
The transaction is subject to regulatory approvals and conditions, with the majority of the sales expected to complete in CY26.
Nib Group is scheduled to release its half-year FY26 results on 23 February.
What they said: "We are confident IMG shares Nib's commitment to exceptional service, ensuring travellers are supported wherever they are in the world. It is business as usual for existing policyholders," Nib managing director Ed Close said.
The source: ASX
