Swiss Re has announced an agreement to sell iptiQ's European Property & Casualty (P&C) business to Allianz Direct. The transaction involves the Luxembourg-based risk carrier, iptiQ EMEA P&C S.A., and its operations across several European countries. This decision aligns with Swiss Re's strategic move to withdraw from iptiQ.
The deal is anticipated to close in the second or third quarter of 2025, pending customary closing conditions and regulatory approvals. Allianz Direct, part of the Allianz Group, will acquire more than 100 employees working in Switzerland, Germany, Spain, the Netherlands, and Italy. It will also take over all distribution agreements associated with iptiQ.
iptiQ operates as a digital insurer collaborating with insurers, brokers, banks, and consumer brands to offer innovative insurance products. Earlier this year, Swiss Re had indicated its intention to exit iptiQ due to strategic considerations.
Jef Van In, CEO of iptiQ stated: "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."
Allianz Direct aims to expand its B2B2C segment through this acquisition by incorporating over 130,000 customers from iptiQ. The acquisition supports Allianz Direct’s strategy of growing its presence in key European markets.
Philipp Kroetz, CEO of Allianz Direct commented: "The acquisition of iptiQ's European P&C business underlines our commitment to grow our footprint in key European markets... I am confident that together iptiQ and Allianz Direct can leverage the platform's scale and competitiveness for its products and operations."