Nib Holdings has completed its purchase of QBE Travel for a final price of $24.2 million, after making allowance for net liabilities acquired.

The health insurer immediately rebranded the business as Nib Travel and announced Axa XL will underwrite its new policies.

Nib has absorbed 150 QBE employees in Victoria and the Philippines into its business.

It expects to see a 50%-plus increase in domestic gross written premium in the travel market, where it is already the third-biggest player.

“This is a very good acquisition, consistent with our strategy to grow our travel insurance operations both domestically and globally,” Nib MD Mark Fitzgibbon said.

“With more than 60% of travel insurance claims medical or health-related, being part of the Nib group allows our travel business to leverage and tap into our hospital and provider networks, claims management capability and distribution channels.”

Nib has invested significantly to build its travel arm, paying $95 million about three years ago for World Nomads Group, which was renamed Nib Travel last month.