Allianz Partners to acquire nib travel portfolio
The deal will see Allianz Partners significantly expand its presence in Australia and New Zealand
Allianz Partners has signed an agreement to acquire a portion of nib Group’s travel insurance portfolio for Australia and New Zealand, expanding its presence in both markets significantly.
In particular, the move represents an expansion of Allianz’s operations into the Australian bricks-and-mortar agent channels.
The transaction, which marks a significant milestone in the company’s growth expansion, remains subject to regulatory approval.
The deal includes the acquisition of the Travel Insurance Direct (TID) brand, a 20-year white labelled distribution agreement with nib Group in both Australia and New Zealand, and the acquisition of a large portion of nib’s established intermediary relationships in Australia.
“This acquisition … will significantly expand our capacity to reach and serve Australians through their preferred channel with the world-class insurance and assistance products they deserve,” said Chris McHugh, CEO of Allianz Partners Australia. “It will also strengthen our offering in a highly competitive market and gives us the scale to continue investing in our customers, partners and service delivery.”
International Medical Group (IMG) announced plans to acquire World Nomads from nib earlier this year.
Oliver Cuenca
Oliver Cuenca is a Junior Editor for Voyageur Group, joining in 2021. He writes for both ITIJ and AirMed&Rescue, covering a range of topics including international travel and health insurance, medical assistance provision and air medical transportation. He also serves as Title Editor of the Assistance & Repatriation Reviews. Oliver holds an MA in Magazine Journalism from Cardiff University, as well as a BA in English with Creative Writing from Falmouth University.