Nib Group has entered a binding agreement to sell its World Nomads international travel insurance business to International Medical Group (IMG), a wholly owned subsidiary of SiriusPoint, for $67.5 million. The net cash realisation from the transaction is anticipated to be approximately $70 million. The deal focuses exclusively on the World Nomads international brand.
SiriusPoint, the parent company of IMG, is a global underwriter of insurance and reinsurance solutions. IMG is a well-known provider of global insurance benefits and assistance services. IMG has over 35 years of experience in supporting travellers, expatriates and international workers with their insurance needs.
Nib Group is an Australian health fund that provides health insurance to residents in Australia and New Zealand. The sale allows Nib to focus on its core domestic health insurance operations, while World Nomads will benefit from IMG’s extensive global network and expertise in international travel insurance.
The transaction is subject to customary closing conditions and regulatory approvals. Further details regarding the completion of the sale are expected to be released following the satisfaction of all conditions.
