(AFP / SEBASTIEN BOZON)
The Swiss reinsurance giant Swiss Re will sell the European activities of iptiQ, a subsidiary from which it seeks to divest, to the German insurer Allianz, it announced on Tuesday, without disclosing the amount of the transaction.
The Swiss group has reached an agreement with Allianz Direct, which brings together the German insurer’s online activities, to sell it part of this subsidiary specializing in white label insurance services, he indicated in a press release.
The sale, subject to regulatory approval, includes the activities of its branch in Luxembourg as well as property and casualty insurance activities for several European markets.
The group hopes to finalize the sale during the second or third quarter of 2025.
Created in 2014, iptiQ is a so-called white label digital platform, which allows you to review different insurance products on the market to find the most appropriate contract for the type of goods or merchandise to be covered. It allows, for example, a car dealership to find the most suitable insurance product for its customers, in order to offer them a vehicle and the car insurance that goes with it at the same time.
Having become a division in its own right in 2021, this platform however suffered a loss before interest and taxes of $247 million in 2023.
In May 2024, the Swiss group, which serves as insurers, made the decision to disengage, considering that it is not the best owner for this platform.
This sale will allow Allianz Direct to take over some 130,000 ipitQ customers, the press release specifies.
The German group will integrate the hundred or so iptiQ employees based in Switzerland, Germany, Spain and Italy.
