Health insurer nib has sealed a $95 million deal to buy travel insurance company World Nomads Group.
World Nomads is Australia’s third largest distributor of travel insurance in the country and has been expanding in New Zealand, North America and Britain.
nib managing director Mark Fitzgibbon said the acquisition would make it easier to cross-sell to customers in both health and travel insurance.
Shares in nib were 13.5 cents, or 3.89 per cent, lower at $3.335 at 1151 AEST.
