Listed health group Nib Holdings will sell its World Nomads international travel insurance business for a cash consideration of $67.5 million to International Medical Group. 

IMG is a US-headquartered insurance benefits and assistance services provider and a subsidiary of SiriusPoint, a global specialty insurer and reinsurer. 

“The transaction includes the World Nomads international brand only,” Nib says in a statement today. 

“The transaction does not encompass any other nib Travel assets, brands, partners or business based in Australia or New Zealand.” 

Nib says the review of its remaining Australian and New Zealand travel insurance businesses is ongoing. 

The group announced last year that it was considering “strategic” options for its travel insurance division, which includes Nib Travel, Travel Insurance Direct and World Nomads global brands. 

In 2024-25 travel accounted for $6.7 million of Nib’s total group underlying operating profit of $239.2 million, down 17.3% from a year earlier. 

“The sale of the international brand of Nib’s travel insurance business, World Nomads, reflects Nib’s strategic priority to simplify its portfolio and focus capital and capability on its core health insurance and health adjacent businesses in the Australian and New Zealand markets,” Nib says. 

The transaction is subject to regulatory approvals and conditions with the majority of proceeds from the sale expected in this calendar year. 

Nib acquired World Nomads in 2015 for $95 million as part of the health group’s expansion into complementary product markets. 

However, the group has since decided to focus on growing its core private health insurance operations in Australia and New Zealand under CEO Ed Close, who took up the position in December 2024. 

“World Nomads is a strong brand with global recognition, and SiriusPoint and IMG bring significant sector experience, international scale and capital to support the next phase of its growth and development,” Mr Close said. 

“It is business as usual for existing policyholders.”