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Acquisition Of Orbitprotect In New Agreement

17 Nov 2022

Project Galaxy announcement

Today we announced that we've entered into agreement to buy OrbitProtect, a Kiwi-owned and operated business that helps provide insurance cover for international students and workers, and inbound travellers visiting New Zealand.

We will own 100% of the equity in OrbitProtect. This is a strategic growth acquisition for us and aligns with nib Group’s global operations.

nib Group is listed on the Australian Securities Exchange (ASX: NHF); it is the health and medical insurer of choice 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 top-three Australian travel insurer and global distributor of travel insurance, providing financial protection and assurance to travellers wherever they are in the world.

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

OrbitProtect was established in 2005. It has strong relationships with Recognised Seasonal Employers (RSEs), schools, private training colleges, insurance brokers and education and travel agents in New Zealand and offshore, to distribute insurance products.

Mr Hennin said inbound workers and international student numbers are forecast to grow strongly in New Zealand.

“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,” Mr 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.”

Pre-pandemic, international education generated at least $NZ1.25 billion a year for New Zealand; and universities’ earnings from export education represent 1.2% of all New Zealand’s exports of goods and services.

The New Zealand Government announced increases to visa numbers for workers earlier this year, while businesses say staff shortages mean more workers are needed from across the globe.

“We think the level of registered seasonal workers and international students will be back to pre-COVID levels by FY24,” Mr Hennin said. “We expect to nurture OrbitProtect’s relationships, and leverage nib Group’s global international visitor network to grow this business.”

A spokesperson for OrbitProtect said, “nib is a long standing OrbitProtect partner and has an impressive reputation in private health and insurance globally, and for successfully growing businesses that it acquires.”

Mr Hennin said OrbitProtect will continue to offer the same customer service under the same brand.

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