International Medical Group (IMG) has completed the acquisition of World Nomads.
The deal improves IMG’s travel insurance distribution capabilities and expands its presence in international markets, which now include the US, the UK, Australia, Brazil, Canada and countries in the European Union.
The deal, which was announced in February, was agreed for AUD$67.5m in cash, subject to customary completion adjustments.
The company was sold by NIB, a private health and global travel insurer in Australia and New Zealand.
According to the original announcement in February, World Nomads had around AUD$40m of gross written premiums.
World Nomads supports travellers from more than 100 countries, specialising in providing insurance and safety advice for adventure travellers.
IMG’s chief executive, Will Nihan, described the deal as an “important milestone” for the group.
“World Nomads has spent more than two decades helping travellers pursue adventure with confidence,” he added.
“We are excited to support the continued growth of the brand while preserving the qualities that have made it successful.
“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.”
