Swiss Re sells Iptiq’s European claims business to Allianz
Published: Tuesday, Nov 5th 2024, 10:50
Updated At: Wednesday, Nov 6th 2024, 00:59
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Swiss Re is pressing ahead with its exit from the digital insurance platform Iptiq. The reinsurer is selling Iptiq's European property and casualty (P&C) insurance business to the German insurance group Allianz for an undisclosed price.
Allianz Direct will take over the Luxembourg-based insurance carrier and all distribution agreements, Swiss Re announced on Tuesday. The Allianz Group's online insurer will also take over more than 100 employees working in Switzerland, Germany, Spain, the Netherlands and Italy.
Swiss Re announced its intention to withdraw from Iptiq last May. The company, which was founded in 2016, failed to meet expectations - on the contrary: due to a goodwill impairment, its loss increased to 182 million dollars in the first half of 2024 from 106 million dollars in the previous year.
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