Global re/insurer SiriusPoint has announced that International Medical Group (IMG), its wholly owned subsidiary, will acquire World Nomads from Australian health insurer nib Group in a deal that adds approximately US$40 million in gross written premium and positions the company to capitalize on surging post-pandemic travel demand.
World Nomads operates as a travel insurance and lifestyle brand serving independent and adventure travelers across multiple markets. The acquisition will extend IMG's distribution footprint to include Australia, Brazil and Canada.
The deal follows IMG's recent purchase of Assist America, a global travel assistance services provider generating around US$20 million in annual assistance revenues. Combined, the acquisitions position IMG with operations in 34 countries across six continents with around-the-clock service coverage.
The global travel insurance market was valued at between US$23.8 billion and US$31.25 billion in 2024, with projections to reach up to US$140.78 billion by 2034, reflecting compound annual growth rates of 14% to 18%, industry data showed.
Market research indicates that 76% of travelers purchased coverage in 2025, up from 24% in 2024, reflecting heightened risk awareness.
SiriusPoint has faced performance challenges over the past several years, with CEO Scott Egan previously acknowledging that results "haven't been good enough". .
In March 2023, the company executed a loss portfolio transfer of approximately US$1.3 billion in reserves to Compre's Pallas Reinsurance, covering several classes of business from 2021 and prior underwriting years.
SiriusPoint reported growth in IMG-related services results following the Assist America acquisition, with net services income rising to US$10.1 million in Q3 2025 from US$7 million a year earlier. The expansion of IMG's travel assistance capabilities reflects the company's strategy to build an integrated global platform combining insurance and assistance services.
Egan said the acquisition strengthens IMG's global offering and increases premiums written through a broader customer base. "Together, IMG, World Nomads, and Assist America have created a truly integrated insurance provider, poised for further growth," Egan said.
Both acquisitions are accretive to return on equity and earnings per share, the company said. Egan said the transactions reinforce SiriusPoint's commitment to building a diversified portfolio.
Will Nihan, chief executive officer at IMG, said the additions to the business portfolio support a clear expansion strategy. "This planned growth positions us for a strong future, one where we can deliver greater reach, enhanced services, and sustainable value," Nihan said.
The transaction is expected to close on a majority of the World Nomads group in the second or third quarter of 2026, with final closing expected in the second half of 2027, subject to regulatory approvals and customary closing conditions.
