nib Group has struck a binding agreement to sell the World Nomads international travel insurance business to International Medical Group, a subsidiary of SiriusPoint, for $67.5 million in cash. The move is set to reshape its travel portfolio with the transaction expected to deliver a net cash realisation of around $70 million. nib has flagged that the bulk of proceeds are anticipated in calendar year 2026, pending regulatory approvals and other customary conditions.
“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," said Ed Close, nib's managing director in an ASX announcement today.
Crucially for the insurance market, only the World Nomads international brand is being sold — the deal does not include any other nib Travel assets, brands, partners or operations in Australia or New Zealand, meaning nib’s local travel footprint remains under review, not transferred.
nib is positioning the divestment as a strategic simplification play. In FY25, nib Travel contributed $6.7 million of the group’s $239.2 million underlying operating profit (UOP), and the insurer says the sale supports its priority to redeploy capital and capability into core health insurance and health-adjacent businesses across Australia and New Zealand.
Operationally, nib says it will provide transitional support to IMG to ensure an orderly handover and minimal disruption for customers and partners, while maintaining “business as usual” for existing World Nomads policyholders.
The insurer will also conduct a capital management review to determine the most effective use of the sale proceeds, with nib noting the purchase price is expected to be materially in line with the carrying value of the assets at completion.
nib is being advised by Jarden and Ashurst and the group has flagged the market will get further colour when it reports 1H26 results on February 23.
