wefox completes two transactions to exit the German insurance market

InsurTech wefox has successfully completed two transactions to exit the German insurance market, aligning with the company’s strategy to focus on profitable market positions of critical size

If you recall, wefox’s plans to exit the German market were announced in early July.

It was revealed that wefox will only focus on markets where it has profitable operations of critical size or is on track to achieving this within the next 12 months. Keeping this in mind, the company plans to further build out its presence in the Netherlands, Austria and Switzerland.

From what we understand, wefox Germany Holding GmbH has finalised the sale of assona GmbH to the Ecclesia Group

Acquired by wefox in 2021, assona has strengthened its position in the sale of insurance for e-bikes and bicycles via specialist retailers and significantly increased its profitability.

Following completion of the sale, Ecclesia will maintain assona’s affinity distribution partnerships and integrate all current employees.

At the same time, wefox Germany Holding GmbH has also reached an agreement with IWV Versicherungsservice AG to transfer its insurance brokerage activities in the German market to IWV Versicherungsservice AG through the sale of a subsidiary.

It has been confirmed that IWV Versicherungsservice AG will take over the management of the customer portfolios, as well as parts of the independent broker network and the sales teams, along with a group of employees too.

Both of these transactions largely complete the announced exit of wefox from the German market as part of the ongoing strategic realignment of wefox Group.

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