Allianz Partners buys nib travel insurance assets

The transaction still needs regulatory approval in Australia and New Zealand.

Allianz Partners has signed an agreement to acquire a major portion of nib Group’s travel insurance portfolio in Australia and New Zealand. 

The financial details of the deal have not been disclosed, and the transaction remains subject to regulatory approval.

Under the agreement, Allianz Partners will acquire the Travel Insurance Direct (TID) brand and a significant portion of nib's corporate partner relationships in Australia. 

The deal also includes a 20-year agreement allowing Allianz Partners to sell insurance products under the nib brand across both countries.

The acquisition expands Allianz Partners' reach into traditional, high-street travel agencies in Australia. 

Prior to this deal, the insurer operated primarily through digital channels.