nib adds to its orbit
nib buys insurer for international students, workers, and inbound travellers visiting New Zealand.
Sunday, November 20th 2022, 11:46AM
nib New Zealand has 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.
nib will own 100% of the equity in OrbitProtect. This is a strategic growth acquisition for nib and aligns with nib group’s global operations.
“There’s a strategic alignment and synergy between OrbitProtect and our current businesses,” nib New Zealand chief executive, Rob Hennin said. “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.
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,” 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 $1.25 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,” 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.”
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