A growing share of Australian businesses cite increasing risk complexity as the primary reason they use an insurance broker, according to reporting on the National Insurance Brokers Association’s (NIBA) February 2026 consumer research report, Complexity to Clarity: The Broker Advantage. That context matters here, because a relatively routine credit rating announcement in the travel insurance segment carries more operational weight than it first appears.
Redion Insurance Pty Ltd – formerly Europ Assistance Australia – received an A+ (Superior) Financial Strength Rating and an “aa-” Long-Term Issuer Credit Rating from AM Best on September 21. Taken alone, a credit rating announcement is routine. Set against what has happened to this company in 2026, it marks the completion of a shift from distributor to rated, licensed carrier – and that shift has direct implications for brokers placing travel insurance.
Until April 2026, Redion operated as a distributor in the Australian market, with products underwritten by third-party insurers. The Australian Prudential Regulation Authority (APRA) granted it a general insurance licence on April 1, allowing the company to write travel insurance in Australia under its own name for the first time.
The change is not administrative. 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 means brokers dealing with the company are now engaging an APRA-licensed carrier on its own balance sheet – not a third-party insurer sitting behind the arrangement. That distinction affects policy wordings, claims authority, and the compliance obligations attached to distribution.
The company’s independent chair, Francois de Meneval, said at the time of the April licence announcement that the authorisation gave Redion 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,” de Meneval said.
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S&P Global describes insurer financial strength ratings as a tool brokers and agents use to meet due diligence and disclosure requirements. Before April 2026, no such rating existed on a locally licensed entity for this operation. Now one does.
AM Best’s scale runs from A++ at the top to D. Redion’s A+ sits in the “Superior” tier – the second-highest category. That benchmark is now 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 (pictured) 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,” Sebire said.
He added: “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.”
The Australian travel insurance market generated $1.4 billion in revenue across 43 businesses in 2026, according to IBISWorld’s industry report. Revenue has risen at an annualised rate of 37.8% over the five years through 2025-26, with post-pandemic travel demand driving 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 – a domestically licensed, rated carrier in a market with 43 active businesses and growing consumer volumes.
The company entered Australia in 2022 through the acquisition of Insure & Go and Tick. It has expanded to offices in Brisbane and Auckland alongside its Sydney headquarters, brought Flight Centre Travel Group on as a distribution partner, and supported more than 1.3 million travellers through its global assistance network in 2025. It employs more than 200 staff locally.
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Redion’s product scope extends beyond retail travel to employee benefits, group protection, and embedded insurance programs – areas relevant to brokers with corporate or multinational client books.
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, rising from 1% to 12% of the market by 2033.
Redion’s Flight Centre partnership and its global network of 224 active employee benefits partners indicate the company is already active across both traditional and embedded distribution locally. 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.
Sebire said the three milestones – licence, rebrand, and 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.
