Zurich Insurance Group, a global multi-line insurer headquartered in Switzerland, has announced it will acquire BOXX Insurance Inc., a Toronto-based global cyber InsurTech known for its integrated cyber insurance and protection solutions.
As part of the move, BOXX will continue to operate as a standalone entity under Zurich Global Ventures.
The acquisition is expected to accelerate BOXX’s mission of building digital resilience, while helping Zurich enhance its digital customer engagement. Although the value of the deal was not disclosed, the transaction builds on a partnership between the two firms that began in 2021.
BOXX, founded in 2018, has developed a suite of cyber protection products including Cyberboxx® Business Edition, Cyberboxx® Home Edition, and Cyberboxx® Assist. The company serves nearly one million customers across five continents and recently expanded into the US, India, Europe, and Australia.
Zurich Global Ventures CEO Cara Morton said, “We have had a very successful collaboration with BOXX since 2021, and I am thrilled to strengthen our partnership by welcoming BOXX to Zurich Global Ventures. BOXX’s digital-first, service-led approach will help us further enhance customer engagement and provide integrated solutions that make people’s everyday life easier.”
BOXX Insurance CEO and co-founder Vishal Kundi said, “Becoming part of Zurich provides us with the resources and global reach to accelerate our mission. Combining the strengths of both organisations, will enable us to provide even more customers with the protection they need to navigate the digital world with confidence.”
“Digital usage is so ingrained in our daily lives,” Kundi added. “Our team of BOXXers are constantly exploring new and creative ways to further our mission of building digital resilience for individuals and businesses by integrating innovative cyber coverages and solutions to ensure our customers are protected online.”
Perella Weinberg Partners LP served as financial advisor to BOXX, with Osler, Hoskin & Harcourt LLP acting as legal counsel.
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