nib has acquired QBEs travel insurance business

first_imgnib has acquired QBE’s travel insurance business (QBE Travel) for a total consideration of up to $25 million in line with its strategy to grow its World Nomads Group (WNG) travel insurance business. The QBE Travel business will be rebranded to nib Travel Insurance on completion of the acquisition. QBE Travel is Australia’s fourth largest travel insurer and has an extensive national network of more than 2,000 travel agents nationally through partnerships such as the Express Ticketing Group and other well-known Australian brands. It also includes a 24-hour emergency assistance service, claims management and medical underwriting capability.nib Managing Director, Mark Fitzgibbon, said the acquisition builds further momentum within the travel insurance business which aside from this transaction has already seen sales lift by 7% for FY18. “Since acquiring WNG in mid-2015, we’ve made no secret that we like the fundamentals and growth prospects that underpin the travel insurance market.“Travel insurance is much closer to health insurance than most imagine given more than 60% of travel insurance claims are medically related. And of course, people travelling internationally more and more is a mega-trend. We’re benefiting from this, not only in the Australian market but also in overseas markets which today account for almost half of our sales.” nibQBE Traveltravel insurancelast_img

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