Global insurance firm Allianz Partners has agreed to acquire “a large portion” of nib‘s travel insurance portfolio in Australia and New Zealand for an undisclosed amount, according to an announcement.
The deal expands Allianz Partners’s reach in one of Asia Pacific’s more competitive travel insurance markets, per the announcement.
Financial terms of the transaction were not disclosed. The deal remains subject to regulatory approval and the satisfaction of certain commercial conditions.
nib is an Australian health and travel insurance group with operations across Australia and New Zealand.
The acquisition will give Allianz Partners a broader presence across digital and physical distribution channels in Australia, including bricks-and-mortar travel agents.
“It will significantly expand our capacity to reach and serve Australians through their preferred channel with the world-class insurance and assistance products they deserve,” said Allianz Partners Australia CEO Chris McHugh.
The company said the offline agent network remains an important point of purchase for Australian travellers, particularly those booking complex or higher-value trips.
The deal marks a push by Allianz Partners to deepen its position in Australia’s travel insurance sector as insurers compete to capture demand from customers booking travel through multiple channels after the recovery in international tourism.
For Allianz Partners, the transaction adds scale and channel depth in a market where distribution partnerships are critical.
Travel insurance is often sold through airlines, online platforms, travel agencies and other intermediaries, making access to multiple sales channels a key part of market share growth.
Phil Hoffman, chief officer for travel at Allianz Partners, said the transaction reflected the company’s focus on Asia Pacific as a growth region, with Australia seen as a priority market.
The acquisition builds on Allianz Partners’ broader global expansion. The company said it has surpassed 10 billion euros in total global revenue since 2024, with Asia Pacific identified as one of its key growth regions.
In 2024, Allianz withdrew its offer to acquire at least 51% of Singapore’s Income Insurance for about $1.63 billion. The acquisition would have lifted Allianz to the fourth-largest composite insurer in Asia, from ninth.
