Redion Insurance Pty Ltd, formerly Europ Assistance Australia (EAA), has received an A+ (Superior) Financial Strength Rating and an "aa-" Long-Term Issuer Credit Rating from AM Best, completing a transformation from travel insurance distributor to rated, locally licensed carrier that has direct implications for how brokers engage with the company.
Until April 2026, Redion operated as a distributor in the Australian market, with products underwritten by third-party insurers sitting behind the arrangement. The Australian Prudential Regulation Authority (APRA) granted it a general insurance licence on 1 April, allowing the company to write travel insurance in Australia under its own name for the first time. That change is not administrative. Brokers dealing with Redion are now engaging an APRA-licensed carrier on its own balance sheet - a distinction that affects policy wordings, claims authority, and the compliance obligations attached to distribution.
Before April 2026, no AM Best rating existed on a locally licensed entity for this operation. Now one does. AM Best's A+ sits in the "Superior" tier - the second-highest category on its scale - and is publicly verifiable by any broker or intermediary assessing the company for a panel or product recommendation.
Redion CEO for Australia and New Zealand Justin Sebire said the rating provides an independent check on the company's financial foundations. "Trust is earned over time, and independent recognition like this helps demonstrate our operational stability behind the products and services we deliver every day, supported by the expertise and scale of the Generali Group," he said. "For our partners and customers in Australia and New Zealand, this rating will provide added confidence that they're backed by financial strength, expertise, and ability to deliver when it matters most for Aussie and Kiwi travellers."
Under Australian law, underwriting agencies generally require an APRA-regulated insurer as a partner, with agencies operating under delegated binding authority from that insurer. Redion holding its own licence removes that intermediary layer. The company's independent chair, Francois de Meneval, said at the time of the April licence announcement that the authorisation gave EAA scope to build products around how Australians actually travel. "This licence provides EAA with the flexibility to design and deliver products that are closely aligned with how, where, and why Australians travel, ensuring that relevant, modern, and future-ready insurance solutions are available," he said.
For brokers, the practical upshot is straightforward: where previously they were dealing with a distributor whose underwriting sat elsewhere, they are now dealing with a locally incorporated, APRA-licensed carrier whose financial strength is independently rated and whose product terms sit on its own balance sheet.
The Australian travel insurance market generated $1.4 billion in revenue across 43 businesses in 2026, according to IBISWorld, with revenue rising at an annualised rate of 37.8% over the five years through 2025-26 as post-pandemic travel demand drove the recovery. The segment is served by a mix of Lloyd's syndicates, foreign branch insurers, and locally incorporated general insurers. Redion now sits in the last of those categories.
The company entered Australia in 2022 through the acquisition of Insure & Go and Tick, and has expanded to offices in Brisbane and Auckland alongside its Sydney headquarters. It supported more than 1.3 million travellers through its global assistance network in 2025 and employs more than 200 staff locally. Flight Centre Travel Group is an established distribution partner.
Redion's product scope extends beyond retail travel to employee benefits, group protection, and embedded insurance programmes - areas relevant to brokers with corporate or multinational client books. The company operates a global network of 224 active employee benefits partners, indicating it is already active across both traditional and embedded distribution locally.
PwC has projected that embedded insurance will account for $35 billion, or 18%, of Australia's total insurance market in gross written premium by 2033, growing at a compound annual rate of 34% against 4% for traditional channels. General insurance is expected to account for the largest portion of that shift.
For brokers, the question is whether Redion's growing local infrastructure expands available panel options or competes with existing distribution channels - something that will become clearer as the company's underwriting and product terms in Australia develop further. Sebire said the three milestones of 2026 - licence, rebrand from EAA to Redion, and AM Best rating - reflect the scale of the company's commitment to the region. "Combined with our APRA licence, this milestone reflects the significant investment we have made in building a strong, well governed and sustainable insurance operation in Australia and New Zealand," he said.
