QBE agrees to sell travel business to nib
QBE Insurance today announced it has agreed to the sale of its Australian travel insurance business to nib holdings limited (nib).
The transaction, which is expected to complete in the first quarter of 2019, includes 150 employees who will be offered roles with nib.
nib, a well-known, ASX-listed health insurer providing health and medical insurance to more than one million Australian and New Zealand residents, also operates Australia’s third largest global travel insurance distributor, World Nomads Group.
The decision was made following an extensive review of QBE Travel and its alignment to QBE’s strategic priorities.
QBE Australia and New Zealand CEO, Vivek Bhatia, said the move was consistent with the insurer’s approach to building a stronger and simpler QBE.
“While we’re proud of our long history in this market and strong industry partnerships, we felt that this was the best outcome for our customers and business partners as we simplify and strengthen our business.” Mr Bhatia said.
“In nib we have found a buyer who is looking to grow their travel insurance business and they saw a great opportunity to deliver that through this acquisition. We believe nib is a good natural fit given their commitment to the travel market and the obvious synergies with health insurance.”
“While we expect the deal to be completed in the first quarter of 2019, we will continue to trade as normal throughout that transition period. There is no impact to customers and they can continue to travel knowing they are backed by the same great service they have come to expect,” he said.
Notes to editors
• QBE Travel Insurance is distributed directly through QBE as well as a network of partners including Qantas, Express Travel and more than 2000 travel agents across the country.
• QBE Assist is a 24/7 service that provides emergency assistance for QBE Travel customers wherever they are. This includes medical assistance, consular support and translation services.
• Around 150 regular QBE travel insurance employees will be offered roles with nib upon completion of the transaction, expected to be in the first quarter of 2019.
• There is no impact to customers and they can continue to travel and purchase with confidence.
For further information please contact:
External Communications Manager, QBE Insurance Australia
Phone: +61 435 688 785