nib Group (ASX:NHF) announced a binding agreement to sell its international travel insurance brand, World Nomads, to International Medical Group.
IMG is a wholly-owned subsidiary of the global underwriter SiriusPoint (NYSE:SPNT).
The deal is valued at a cash consideration of $67.5 million, though net cash realisation is expected to reach approximately $70 million following customary adjustments.
The divestment specifically targets the World Nomads international brand, leaving nib's domestic travel assets and partnerships within Australia and New Zealand intact.
The shift comes after FY25 figures showed the travel division accounted for $6.7 million of the group’s $239.2 million underlying operating profit.
According to nib Managing Director Ed Close, the sale reflects a "strategic priority to simplify the portfolio," allowing the company to redirect capital toward its primary health insurance sectors.
SiriusPoint and IMG, which bring over 35 years of experience in supporting expatriates and international workers, are positioned to provide the global scale necessary for World Nomads' next growth phase.
nib has committed to providing transitional support to ensure a seamless handover for existing policyholders and partners.
The transaction remains subject to regulatory approvals, with the majority of proceeds expected to be finalised in 2026.