The transaction, expected to close in the second or third quarter of 2025, involves the Luxembourg-based risk carrier and its P&C operations across multiple European markets.

Allianz Direct, a leading pan-European online insurer, will acquire the business, including over 100 employees based in Switzerland, Germany, Spain, the Netherlands, and Italy, as well as existing distribution agreements.

Swiss Re’s decision to divest its iptiQ European P&C business aligns with its strategic focus. The company had previously announced its intention to withdraw from iptiQ, recognizing that the business would be better positioned under a different ownership structure.

Jef Van In, CEO of iptiQ, said: “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.”

The acquisition will expand Allianz Direct’s footprint further into the B2B2C segment as it is taking over more than 130,000 iptiQ customers. The transaction is in line with Allianz Direct’s goal to expand its B2B2C operations as it can capitalise on iptiQ’s distinctive business model and expertise in this segment.

Philipp Kroetz, CEO Allianz Direct: “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.”