Swiss Re agrees to sell iptiQ's European P&C business to Allianz Direct

Swiss Re Ltd / Key word(s): Mergers & Acquisitions Swiss Re agrees to sell iptiQ's European P&C business to Allianz Direct 05.11.2024 / 09:00 CET/CEST The transaction relates to the Luxembourg-based risk carrier (iptiQ EMEA P&C S.A.) and its Property & Casualty (P&C) operations in multiple European markets The transaction is expected to close in Q2/Q3 2025, subject to customary closing conditions, including regulatory approvals  Zurich, 5 November 2024 – Swiss Re agrees to sell iptiQ's European P&C business to Allianz Direct, in line with its strategic decision to withdraw from iptiQ. Allianz Direct, the pan-European online insurer of Allianz Group, will take over the risk carrier based in Luxembourg (iptiQ EMEA P&C S.A.), more than 100 employees currently working in Switzerland, Germany, Spain, the Netherlands and Italy, and all distribution agreements.

iptiQ is a digital insurer that partners with other insurers, brokers, banks and consumer brands to deliver innovative P&C as well as life and health insurance products to end-consumers (B2B2C). Earlier this year, Swiss Re announced its plans to withdraw from iptiQ as the Group had concluded that, in a strategic context, it was not the best owner for this business in the long term.

Jef Van In, CEO of iptiQ, said: "We are very pleased to have found a new owner for iptiQ's European P&C business. 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. We remain fully committed to supporting all our clients, partners and colleagues during the transition period."

The acquisition will expand Allianz Direct's footprint further into the B2B2C segment as it is taking over more than 130,000 iptiQ customers. The transaction is in line with Allianz Direct's goal to expand its B2B2C operations as it can capitalise on iptiQ's distinctive business model and expertise in this segment.