The transaction will transfer iptiQ’s risk carrier based in Luxembourg, iptiQ EMEA P&C SA, as well as over 100 employees across Switzerland, Germany, Spain, the Netherlands, and Italy, along with all existing distribution agreements.
iptiQ, a digital insurer, collaborates with insurers, brokers, banks, and consumer brands to deliver a range of P&C, life, and health insurance products directly to consumers under a B2B2C model.
Swiss Re initially announced plans to withdraw from iptiQ earlier this year, citing that iptiQ no longer fit the group’s long-term strategic goals.
“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,” said Jef Van In (pictured above), CEO of iptiQ. “We remain fully committed to supporting all our clients, partners and colleagues during the transition period.”
The acquisition will allow Allianz Direct to increase its presence in the B2B2C segment, acquiring more than 130,000 iptiQ customers. According to Allianz Direct, this move aligns with its broader objective to expand B2B2C operations, leveraging iptiQ’s established model and expertise.
Philipp Kroetz, CEO of Allianz Direct, said that the acquisition reinforces Allianz Direct’s goal to grow its presence in key European markets across both B2C and B2B2C channels.
“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,” Kroetz said.
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