SREN Swiss Re AG

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.

Philipp Kroetz, CEO Allianz Direct: "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."

For further information please contact Swiss Re Media Relations: + 41 (0)43 285 7171 or .
Please use this link to access .

Swiss Re
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.

Cautionary note on forward-looking statements
Certain statements and illustrations contained herein are forward-looking. These statements (including as to plans, objectives, targets, and trends) and illustrations provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical fact or current fact. Further information on forward looking statements can be found in the .



End of Media Release


Language: English
Company: Swiss Re Ltd
Mythenquai 50/60
8022 Zurich
Switzerland
Phone: +41 (0) 43 285 71 71
E-mail:
Internet:
ISIN: CH0126881561
Valor: 12688156
Listed: SIX Swiss Exchange
EQS News ID: 2022287

 
End of News EQS News Service

2022287  05.11.2024 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=2022287&application_name=news&site_id=research_pool~~~9efe1c65-8ece-4ff7-9608-f21c8e0a38a3
EN
05/11/2024

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Swiss Re AG

 PRESS RELEASE

Überschwemmungsrisiko: Schutzmassnahmen bis zu zehnmal kostengünstiger...

Swiss Re Ltd / Schlagwort(e): Research Update Überschwemmungsrisiko: Schutzmassnahmen bis zu zehnmal kostengünstiger als Wiederaufbau 11.11.2024 / 10:00 CET/CEST Das Risiko von Überschwemmungen dürfte durch Klimawandel und Zersiedelung zunehmen Der wirtschaftliche Nutzen von Anpassungsmassnahmen kann bis zu zehnmal so hoch sein wie die Kosten des Wiederaufbaus nach einer Flutkatastrophe Deiche können Flutschäden um 60% bis 90% verringern, insbesondere in dicht besiedelten Gebieten Zürich, 11 November 2024 – Naturkatastrophen verursachten im Jahr 2023 weltweit wirtschaftl...

 PRESS RELEASE

Flood risk: protective measures up to ten times more cost-effective th...

Swiss Re Ltd / Key word(s): Research Update Flood risk: protective measures up to ten times more cost-effective than rebuilding 11.11.2024 / 10:00 CET/CEST Flood risk is set to increase due to climate change and urban sprawl Economic benefits of flood adaptation measures can be up to ten times the costs of post-disaster rebuilding Dykes can reduce flood damage by 60-90%, especially in densely populated regions Zurich, 11 November 2024 – Economic losses caused by natural catastrophes reached an estimated USD 280 billion in 2023, with USD 51.6 billion due to floods, accord...

 PRESS RELEASE

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

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 withdra...

 PRESS RELEASE

Swiss Re einigt sich über Verkauf des europäischen P&C-Geschäfts von i...

Swiss Re Ltd / Schlagwort(e): Fusionen & Übernahmen Swiss Re einigt sich über Verkauf des europäischen P&C-Geschäfts von iptiQ an Allianz Direct 05.11.2024 / 09:00 CET/CEST Die Transaktion beinhaltet den in Luxemburg ansässigen Versicherungsträger (iptiQ EMEA P&C S.A.) und sein Property & Casualty (P&C) Geschäft in mehreren europäischen Märkten Der Abschluss der Transaktion wird für das 2. oder 3. Quartal 2025 erwartet, vorbehaltlich der üblichen Abschlussbedingungen, einschliesslich der aufsichtsrechtlichen Genehmigungen. Zürich, 5. November 2024 – Swiss Re einigt sich ü...

 PRESS RELEASE

Covid-19 may lead to longest period of peacetime excess mortality, say...

Swiss Re Ltd / Key word(s): Research Update Covid-19 may lead to longest period of peacetime excess mortality, says new Swiss Re report 16.09.2024 / 10:00 CET/CEST Report suggests potential excess mortality in the general population of up to 3% for the US by 2033 and 2.5% in the UK, the longest period of elevated peacetime excess mortality in the US Key driver of excess mortality is the lingering impact of COVID-19; both as a direct cause of death, and as a contributor to cardiovascular mortality Reducing the impact of COVID-19 on elderly and vulnerable populations will ...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch