The Zurich group hopes to complete the transaction in the second or third quarter of 2025.
The reinsurer Swiss Re will sell the European general insurance activities of its digital platform iptiQ, active in white label insurance solutions, to the German Allianz for an undisclosed amount. The Zurich group hopes to complete the transaction in the second or third quarter of 2025.
The sale includes the Luxembourg insurer iptiQ Emea P&C and its property and casualty activities in several European countries. The buyer, the Allianz Direct internet platform, will take over around a hundred employees in Switzerland, Germany, Spain and the Netherlands, as well as all distribution agreements, Swiss Re detailed on Tuesday in a press release.
With this transaction, Allianz Direct also gets its hands on some 130,000 iptiQ customers.
The acquisition allows the German insurer “to strengthen (its) presence in important European markets”, both in activities with individuals and professionals, underlined the boss of Allianz Direct, Philipp Kroetz.
The world number two reinsurer announced in mid-May that it wanted to separate from iptiQ. The subsidiary ended 2023 with a loss of $247 million, after -362 million a year earlier. Improvement is expected this year, as iptiQ’s international expansion – now complete – has been very expensive over the past two financial years.
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