IMG’s completion of its World Nomads acquisition is the final chapter of a much larger story: nib Group’s exit from travel insurance in Australia, a withdrawal that has reshaped the competitive landscape and left brokers navigating a divided set of distribution and licensing arrangements.
International Medical Group (IMG), a wholly owned subsidiary of SiriusPoint Ltd., finalised the A$67.5 million acquisition of the World Nomads international travel insurance brand from nib Group on October 1, 2026. The deal was first disclosed on February 13, 2026.
The World Nomads sale was not a standalone event. In June 2026, nib separately announced the sale of its remaining Australian and New Zealand travel insurance businesses – including the Travel Insurance Direct (TID) brand and a large portion of its established intermediary relationships – to Allianz Partners for up to A$50 million. The Australian Competition and Consumer Commission (ACCC) cleared that transaction in July 2026.
Together, the two deals represent up to A$117.5 million in disclosed proceeds from nib’s exit from the travel insurance market.
The context matters. nib Travel contributed A$6.7 million to nib Group’s underlying operating profit of A$239.2 million in FY25 – less than 3% of the group total. This was a capital reallocation decision, not a distressed sale.
Read next: Allianz Partners’ nib deal signals a new era for ANZ travel distribution
The broker-relevant detail is in who now sits behind the products – and that picture differs between the two transactions.
For the Allianz Partners deal, the position is clear. The underwriter on affected nib Travel and TID policies shifts from Pacific International Insurance Pty Ltd to Allianz Australia Insurance Limited. Brokers with nib intermediary relationships will transition to Allianz Partners as their counterpart.
The World Nomads position is less straightforward. WorldNomads.com Pty Limited currently operates in Australia as an Authorised Representative of nib Travel Services (Australia) Pty Ltd, which holds AFSL 308461. Policies are underwritten in Australia by Pacific International Insurance Pty Ltd.
What IMG acquired is ownership of WorldNomads.com Pty Limited – not the AFSL, and not the underwriting arrangement.
The question that has not been answered publicly is what happens to nib Travel Services (Australia) Pty Ltd – the AFSL holder – now that nib has sold its remaining Australian travel business to Allianz Partners. Whether that entity was included in the Allianz Partners transaction, retained by nib, or is subject to a separate arrangement has not been disclosed in any public filing or announcement reviewed for this article.
Until that is clarified, brokers placing World Nomads business cannot confirm with certainty whose licence authorises the distribution of those products going forward.
Pacific International Insurance Pty Ltd – owned by South Africa’s Badger Mutual Wealth – continues to underwrite World Nomads policies in Australia. AM Best affirmed the company’s Financial Strength Rating at B++ (Good) in March 2026, noting its risk-adjusted capitalisation had improved to its strongest level as of the fiscal year ending June 30, 2025. The same review noted the company remained on track with an Australian Prudential Regulation Authority (APRA) remediation programme – following a 2024 regulatory review – expected to be completed in 2026.
For brokers with a duty of care obligation when placing adventure travel risks, the underwriter’s ratings and regulatory standing are relevant considerations.
For IMG, this deal is part of a broader international build-out. Australia was not a market IMG previously served at scale. Its February 2026 SEC filing stated the World Nomads deal would expand IMG’s distribution to include Australia, Brazil, and Canada – giving it a presence in 34 countries across six continents.
The deal followed IMG’s separate acquisition of Assist America, a global travel assistance provider generating approximately US$20 million in annual revenues.
World Nomads brought approximately A$40 million in gross written premium to the transaction, according to SiriusPoint’s February 2026 announcement. Combined with the brand’s 24-year presence in the adventure travel segment – covering more than 250 sports and activities – it represented an established customer base in a market IMG had not previously reached.
IMG CEO Will Nihan addressed the continuity question directly: “Customers and partners will continue to enjoy the products, service, and reliability they know today as we invest in new opportunities to enhance the traveller experience.”
Read next: ACCC clears Allianz Partners to acquire nib’s travel insurance portfolio
The Australian travel insurance industry was valued at approximately A$1.4 billion in 2026, according to IBISWorld. Outbound travel from Australia is forecast at approximately 12.30 million departures in 2025-26, per IBISWorld’s March 2026 data.
Nib’s departure from the market, and the arrival of IMG and Allianz Partners as separate new counterparties, marks a structural shift in how that market is served.
Brokers who placed travel business through nib’s network now face a divided outcome: World Nomads moving toward IMG, and TID and intermediary relationships moving toward Allianz Partners. Practical questions on commission structures, product terms, claims handling contacts, and – particularly for World Nomads – licensing arrangements are ones brokers should be directing to both acquirers.
