nib New Zealand is to buy OrbitProtect, a Kiwi-owned business that provides insurance cover for international students and workers, and inbound travellers visiting New Zealand.
“There’s a strategic alignment and synergy between OrbitProtect and our current businesses,” says nib New Zealand CEO Rob Hennin. “This acquisition fits our business model and our vision of bringing better health and wellbeing to members in everything we do.”
nib will own 100% of the equity in the firm, which 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 says 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,” he says. “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.
“We think the level of registered seasonal workers and international students will be back to pre-Covid levels by FY24.”
OrbitProtect will continue to offer the same customer service under the same brand, says Hennin.