New Zealand (Commonwealth Union)_nib New Zealand has planned to buy 100% of OrbitProtect, a Christchurch-based company which provides insurance coverage to international students, employees and other incoming travelers to New Zealand. Following the acquisition, OrbitProtect will continue to operate under its own brand. This deal will link nib NZ with the global operations of nib Group. nib Australia is a top-three Australian travel insurer and a worldwide distributor of travel insurance.
The deal whose value is undisclosed will lead to nib acquiring 100 percent of OrbitProtect. The nib Group offers health and medical insurance coverage to over 180,000 overseas students and employees in Australia, in addition to 1.5 million Australian and New Zealand citizens. It is also a significant Australian travel insurer and a global travel insurance distributor.
Commenting on the acquisition, Rob Hennin, CEO of nib New Zealand, said; “There’s a strategic alignment and synergy between OrbitProtect and our current businesses. This acquisition fits our business model and our vision of bringing better health and wellbeing to members in everything we do.” Hennin stated that OrbitProtect will continue to operate under its own name following the transaction.
OrbitProtect was founded in 2005 and maintains excellent partnerships with New Zealand and international seasonal businesses, schools, private training institutes, insurance brokers, and education and travel agents. According to Hennin, the number of incoming employees and overseas students to New Zealand is projected to exceed pre-pandemic levels of growth. Recently, the government announced that it would grant additional work visas.
Hennin further noted that the conclusion of COVID-19 and the lockdowns induced by the global pandemic were considered a moment of significant growth for inbound travelers, students and employees. Students wish to pursue their higher studies in New Zealand owing to the global reputation of its universities. He added that there were over 34,000 foreign students registered in New Zealand universities prior to the pandemic, with 43 percent pursuing postgraduate degrees, and the numbers are likely to increase. The company also expects the number of registered seasonal workers and overseas students to return to pre-COVID levels by FY24.
