The reinsurance group Swiss Re had already announced in May that it intended to divest itself of the digital platform iptiQ. It has now taken an important step in this direction. Allianz Direkt, the European online insurer of the Allianz Group, is taking over the European property and casualty business of the Luxembourg-based insurance company with more than 100 employees. A sale price was not disclosed in the announcement published by Swiss Re on Tuesday.

The iptiQ platform is a digital insurer that partners with other insurers, brokers, banks and consumer brands to offer property and casualty, life and health insurance products to end consumers (B2B2C).

«Strengthening Presence in Important European Markets»

The acquisition of more than 130,000 customers will further strengthen Allianz Direct's presence in this segment, according to the press release. Philipp Kroetz, CEO of Allianz Direct: «The acquisition of iptiQ's European P&C business strengthens our presence in important European markets in both B2C and B2B2C distribution. I am confident that together iptiQ and Allianz Direct can leverage their scale and the competitiveness of the platform for their products and processes to further drive the success of our business partners.»

The transaction is expected to close in the second or third quarter of 2025, subject to regulatory approvals.