Allianz announced on October 29 the acquisition of the activities of Berlin-based insurtech Friday, present in Germany and France, for an undisclosed amount. Founded in 2017 within the incubator of the Swiss group Baloise, Friday initially offered car insurance billed per kilometer. It also offers online multi-risk home insurance and civil liability products. The start-up, which arrived in France in 2021, claims a total of 250,000 members and a premium volume of 50 million Swiss francs (53.2 million euros).
The acquisition should be effective in mid-2025. Allianz thus intends to strengthen its home insurance offering in France, and rise to third place in terms of volume of direct automobile insurance in Germany. Baloise Group, which wishes to refocus on its activities “high yield” and non-strategic, expects in a press release a one-time negative effect of 75 million Swiss francs (79.8 million euros). The offers will gradually be moved to the Allianz Direct platform, and the brand should disappear. The operation nevertheless remains subject to the approval of the regulatory authorities.
The leading European insurer is continuing its strategy of external growth operations. In January, he got his hands on the French start-up Luko, for the small sum of 4.3 million euros. Specializing in home insurance, it had been placed in receivership two months earlier, and had a portfolio similar to that of Friday (230,000 customers).
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