Swiss Re: Firm Agrees to Sell iptiQ’s European Property and Casualty Business to Allianz Direct

Swiss Re has announced that it has agreed to sell its iptiQ's European property and casualty business to Allianz Direct with the expectation that this transaction will close in the second or third quarter of 2025. iptiQ is a digital insurer that delivers property and casualty and life and health insurance to end consumers through a business-to-business to consumer structure. We think it therefore fits well with Allianz Direct. The transaction means that Allianz Direct will take over 130,000 iptiQ customers. We welcome the agreement because it leaves Swiss Re with three core business units that sit well with the company's core competencies. These are property and casualty reinsurance, life and health reinsurance, and corporate insurance. The sale also leaves investors with a clearer picture of Swiss Re's improvement.