Swiss Re, a global reinsurance leader based in Switzerland, has announced the sale of its iptiQ European P&C business to Allianz Direct, the pan-European digital insurer of Allianz Group.
This decision aligns with Swiss Re’s recent strategic shift to exit the iptiQ business, reflecting its view that iptiQ would benefit from new ownership to drive long-term growth.
The firm Re first announced plans to divest iptiQ earlier this year, citing a re-evaluation of its long-term position within the Swiss Re portfolio.
After a strategic review, the Group determined it was not best positioned to support iptiQ’s growth over time, prompting its withdrawal from the business.
This divestment allows Swiss Re to focus more intensively on core areas within its expansive reinsurance operations.
Swiss Re’s digital insurer arm, iptiQ, collaborates with insurers, brokers, banks, and consumer brands to deliver innovative property & casualty (P&C) as well as life and health insurance products directly to consumers through a B2B2C (business-to-business-to-consumer) model.
Its partnerships facilitate seamless insurance experiences, with iptiQ providing the technology and infrastructure to power tailored insurance offerings across Europe.
Under Allianz Direct’s acquisition, the company will take over iptiQ’s European P&C risk carrier, iptiQ EMEA P&C S.A., headquartered in Luxembourg. The subsidiary will also absorb over 100 iptiQ employees in Switzerland, Germany, Spain, the Netherlands, and Italy, along with all existing distribution agreements.
This acquisition is expected to bolster Allianz Direct’s B2B2C segment, adding more than 130,000 iptiQ customers and allowing Allianz Direct to expand its distribution reach across key European markets.
iptiQ’s innovative model and regional expertise will enhance Allianz Direct’s platform, enabling Allianz to deliver improved competitive offerings and scale.
In a statement about the acquisition, Allianz Direct CEO Philipp Kroetz commented on the company’s excitement at welcoming the iptiQ team and its customers. “The acquisition of iptiQ’s European P&C business underlines our commitment to grow our footprint in key European markets, both in B2C and B2B2C distribution. We are excited to welcome the team from iptiQ to Allianz Direct and look forward to our future success. I am confident that together iptiQ and Allianz Direct can leverage the platform’s scale and competitiveness for its products and operations to drive further success for our business partners,” he said.
Similarly, iptiQ CEO Jef Van In reflected on the importance of the transaction for all stakeholders, noting, “We are very pleased to have found a new owner for iptiQ’s European P&C business. This transaction is an important milestone in Swiss Re’s plan to withdraw from the iptiQ business as we strive to deliver the best possible outcome for the different units within the business and for all our stakeholders. We remain fully committed to supporting all our clients, partners and colleagues during the transition period.”
The transaction marks a significant step in Swiss Re’s re-alignment strategy while setting Allianz Direct on a stronger path toward European market expansion. The company anticipates that this acquisition will further support its growth objectives by capitalising on iptiQ’s established business model and customer base.
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
