Swiss Re has agreed to sell iptiQ's European Property & Casualty (P&C) business to Allianz Direct. This transaction involves the Luxembourg-based risk carrier, iptiQ EMEA P&C S.A., and its operations across several European markets. The sale is anticipated to conclude in the second or third quarter of 2025, pending customary closing conditions and regulatory approvals.
The agreement aligns with Swiss Re's strategic decision to exit from iptiQ. Allianz Direct, a pan-European online insurer part of Allianz Group, will acquire the risk carrier along with over 100 employees currently based in Switzerland, Germany, Spain, the Netherlands, and Italy. Additionally, all existing distribution agreements will be transferred as part of this deal.
iptiQ operates as a digital insurer collaborating with other insurers, brokers, banks, and consumer brands to provide innovative P&C as well as life and health insurance products directly to consumers (B2B2C). Earlier this year, Swiss Re announced its intention to withdraw from iptiQ after determining it was not the optimal long-term owner for this business unit.
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. We remain fully committed to supporting all our clients, partners and colleagues during the transition period."
This acquisition will enable Allianz Direct to expand further into the B2B2C segment by acquiring more than 130,000 customers from iptiQ. It aligns with Allianz Direct’s objective of enhancing its B2B2C operations by leveraging iptiQ’s unique business model and expertise.
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 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."