QBE Insurance has sold its Australian travel insurance business to nib Holdings in an effort to “simplify and strengthen” its business, according to QBE Australia and New Zealand Chief Executive Officer (CEO), Vivek Bhatia.
The decision was made following an extensive review of QBE Travel and its alignment to QBE’s strategic priorities.
“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,” said Bhatia.
“We believe nib is a good natural fit given their commitment to the travel market and the obvious synergies with health insurance.”
The transaction is expected to complete in Q1 2019 and will see 150 QBE employees offered roles with nib.
“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,” added Bhatia.
“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.”
