Swiss Re to Sell iptiQ’s European P&C Business to Allianz Direct: Swiss Re has consented to sell the European property and casualty (P&C) business of iptiQ to Allianz Direct. This move aligns with Swiss Re’s strategic choice to step away from iptiQ.
Allianz Direct, the pan – European online insurer within the Allianz Group, will acquire the Luxembourg – based risk carrier (iptiQ EMEA P&C S.A.). Additionally, over 100 employees based in Switzerland, Germany, Spain, the Netherlands, and Italy will be part of the deal, along with all distribution agreements. The financial terms of the transaction remain undisclosed. The sale is anticipated to be finalized in the second or third quarter of 2025, pending customary closing conditions, including regulatory clearances.
iptiQ’s Role and Swiss Re’s Decision: iptiQ, a digital insurer, collaborates with insurers, brokers, banks, and consumer brands to provide P&C, life, and health insurance products to end – consumers in a B2B2C model. Earlier this year, Swiss Re declared its intention to withdraw from iptiQ. The group determined that, strategically, it was not the best long – term owner for this business. Jef Van In, CEO of iptiQ, stated, “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.”
Allianz Direct’s Expansion and Outlook: The acquisition will boost Allianz Direct’s presence in the B2B2C segment as it will inherit more than 130,000 iptiQ customers. This transaction supports Allianz Direct’s aim to expand its B2B2C operations. It can take advantage of iptiQ’s unique business model and expertise in this area. Philipp Kroetz, CEO of Allianz Direct, said, “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.”
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