Health insurer NIB Holdings Limited has acquired International Medical Assistance Network, a specialist provider of health insurance to temporary migrant workers in Australia.
NIB announced the acquisition to the Australian Securities Exchange today, valuing the transaction at about $25 million.
The health insurer’s managing director, Mark Fitzgibbon, said the acquisition was aimed at broadening NIB’s health insurance business into an attractive, high growth, higher margin segment of the market.
In an explanation of the strategy, NIB said that the temporary migrant worker industry had attractive fundamentals, with 310,000 primary visa holders with work rights living in Australia.
