This acquisition marks a significant expansion for Allianz Direct, as it welcomes over 100 new colleagues to its team in France.
The transaction comes after Luko’s previous deal with Welsh financial services provider Admiral Group fell through in November, citing unmet transaction conditions. At that time, Allianz had expressed interest in stepping in to fill Admiral’s role in the sale of Luko’s French household business.
Allianz Direct Chief Executive Philipp Kroetz has officially confirmed the change in ownership, solidifying the company’s commitment to furthering its presence in the French insurance landscape. This strategic move aligns with Allianz’s broader vision and underscores its proactive approach to seizing opportunities in the ever-evolving insurance industry.
He said: “I am thrilled to announce that Allianz Direct has acquired the French home insurance business of Luko. We are very happy to welcome over 100 new colleagues to the Allianz Direct team in France! This acquisition not only strengthens our presence in the French direct insurance market and allows us to expand our customer base under the Luko brand but will ultimately help us to position ourselves as a leader in the French online insurance market.”
He added: “A big thank you to the teams at Luko and Allianz Direct for making this happen over the past few months! As one team, we are looking to a promising future and are well equipped to offer our customers an unbeatable digital insurance experience.”
Author: Joanna England
