Swiss Re has consented to sell iptiQ’s European property and casualty (P&C) business to Allianz Direct. This decision aligns with Swiss Re’s plan to exit the iptiQ business. Allianz Direct, which is part of Allianz Group’s online insurance division, will take over iptiQ EMEA P&C S.A. in Luxembourg.
Over 100 employees from various countries including Switzerland, Germany, Spain, the Netherlands, and Italy will be part of this acquisition, along with all distribution agreements. Significantly, this deal will bring more than 130,000 iptiQ customers into Allianz Direct’s portfolio.
The acquisition will boost Allianz Direct’s strategy in the B2B2C segment. It will make use of iptiQ’s existing partnerships with insurers, brokers, banks, and consumer brands to fuel its expansion plans.
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