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Allianz Direct, the European direct enterprise of Allianz, has finalised the acquisition of the house insurance coverage enterprise and all working belongings of French on-line insurer Luko.
The transaction is valued at round €5m ($5.42m), information publication Sifted reported, citing an individual aware of the event.
This growth marks a big growth for Allianz Direct within the French market, including greater than 100 colleagues to its crew.
The acquisition is a strategic transfer by Allianz Direct to broaden its vary of choices and buyer base whereas sustaining the ‘Luko’ model. This strategy goals to leverage the mixed strengths of each organisations.
In June final 12 months, Luko confronted monetary challenges, resulting in a chapter submitting.
An preliminary settlement for Luko’s acquisition was made with Admiral Group, a Welsh monetary providers firm, for €14m.
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Luko had a notable presence within the French on-line dwelling insurance coverage market, with a 25% share of insurance policies bought on-line in 2022.
The corporate’s success was partly on account of robust word-of-mouth suggestions, with practically half of its prospects buying insurance policies primarily based on family and friends endorsements.
Nevertheless, the cope with Admiral Group was not finalised in November on account of unmet transaction situations.
Allianz had beforehand expressed curiosity in stepping in for Admiral Group to amass Luko’s French dwelling insurance coverage enterprise. This curiosity has now come to fruition, as confirmed by Allianz Direct CEO Philipp Kroetz.
In a LinkedIn submit, Kroetz mentioned: “What an incredible begin to 2024! I’m thrilled to announce that Allianz Direct has acquired the French dwelling insurance coverage enterprise of Luko.
“This acquisition not solely strengthens our presence within the French direct insurance coverage market and permits us to develop our buyer base beneath the ‘Luko’ model however will finally assist us to place ourselves as a frontrunner within the French on-line insurance coverage market.
“As one crew, we want to a promising future and are properly geared up to supply our prospects an unbeatable digital insurance coverage expertise.”
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