nib NZ to acquire OrbitProtect

nib New Zealand has agreed to acquire OrbitProtect, a Christchurch-based provider of insurance for international students, workers, and other inbound travellers.

The undisclosed-value transaction will result in nib owning 100% of OrbitProtect. The nib Group provides health and medical insurance for 1.5 million Australian and New Zealand residents, as well as more than 180,000 international students and workers in Australia. It is also a major Australian travel insurer and global distributor of travel insurance.

“There’s a strategic alignment and synergy between OrbitProtect and our current businesses,” said Rob Hennin, nib New Zealand CEO. “This acquisition fits our business model and our vision of bringing better health and wellbeing to members in everything we do.”

Following the acquisition, OrbitProtect will continue doing business under its own brand, Hennin said.

OrbitProtect was established in 2005 and has strong relationships with recognised seasonal employers, schools, private training colleges, insurance brokers and education and travel agents, both in New Zealand and overseas.

Hennin said the number of inbound workers and international students is expected to grow strongly in New Zealand, reaching pre-pandemic levels. The government recently announced that it will issue more visas for workers.

“We see the end of COVID-19 and the lockdowns that resulted from the global pandemic as a time for high growth for inbound travellers, students and workers,” Hennin said. “Students choose to study here because our universities have a strong global reputation. There were more than 34,000 international students enrolled in New Zealand universities, 43% in postgraduate study, before the pandemic, and numbers are expected to rebound.”