MUNICH (dpa-AFX) - Reinsurer Swiss Re Ltd. (SSREY.PK) Tuesday announced its agreement to sell iptiQ's European Property & Casualty or P&C business to Allianz Direct, affiliated to Allianz Group (ALIZY). The financial terms of the deal were not disclosed.
The transaction is expected to close in the second or third quarter of fiscal 2025, subject to customary closing conditions, including regulatory approvals
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 or B2B2C.
The move is in line with Swiss Re's strategic decision to withdraw from Luxembourg -based iptiQ, which was announced earlier this year. The company had concluded that, in a strategic context, it was not the best owner for this business in the long term.
Under the deal, Allianz Direct, the pan-European online insurer of Allianz Group, will take over the risk carrier with more than 100 employees, and all distribution agreements.
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.
Philipp Kroetz, CEO Allianz Direct, said, 'The acquisition of iptiQ's European P&C business underlines our commitment to grow our footprint in key European markets, both in B2C and B2B2C distribution. 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.'
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