Monday, February 1, 2016

NIB Medical Acquires Onepath Medical Business

Late last year, NIB Medical purchased the entirety of Onepath's medical insurance business for $25 million. Onepath will continue selling life and disability insurance unchanged.

Since NIB arrived in New Zealand after expanding from Australia, it has grown into a substantial presence in the medical insurance marketplace. Originally buying Tower's Medical policies, this further expansion solidifies them further as top players in the NZ insurance market. This development will mean that NIB services 200,000 NZ clients, or around 15% of those with health insurance in the country.

For clients with existing Onepath policies, these policies will be transferred to NIB around the middle of the year. They will then be responsible for your claims and changes to your medical policy. Your premiums and the structure of your policy will remain the same. Notifications from both Onepath and NIB will be sent out to you before then. If you have any questions about the transition, you can contact us anytime and we'll be happy to help.