Wefox has concluded the sale of its Italian operations, wefox MGA and wefox Companies Italy, to funding funds overseen by J.C. Flowers, a non-public fairness agency.
The completion of this acquisition, first introduced in Might, signifies a strategic shift for the corporate because it now operates as an unbiased entity within the Italian insurance coverage market.
The corporate’s present management staff will proceed to information its technique, with an emphasis on technological innovation and growth in high-potential segments, J.C. Flowers stated in an announcement.
Wefox Italia plans to unveil a brand new model identification and share additional particulars on its strategic route quickly.
The subsidiaries concerned within the deal are targeted on affinity distribution channels, with a focus on motor insurance coverage merchandise.
This divestiture is a part of a method by wefox to reinforce its monetary flexibility and represents the end result of the corporate’s restructuring course of.
The sale permits the administration staff at wefox, led by CEO Joachim Müller, to dedicate their efforts to the event of the corporate’s principal enterprise actions and set up a basis for long-term monetary stability.
The offloading of the Italian subsidiaries is according to a sequence of strategic strikes by wefox geared toward streamlining its operations.
Earlier within the 12 months, wefox Insurance coverage had agreed to switch its run-off portfolio to DARAG, which included varied strains corresponding to motor harm, third-party legal responsibility, personal legal responsibility, and property enterprise spanning Germany, Italy, and Switzerland.
In August final 12 months, the wefox Group introduced its exit from the German insurance coverage market, which concerned the sale of assona to the Ecclesia Group and the switch of its insurance coverage brokerage operations to IWV Versicherungsservice by way of the sale of a subsidiary.
