Insurtech wefox has announced the continuation of its exit from the German insurance market, focusing on profitable positions of critical size. Following this announcement, wefox Germany Holding GmbH has also finalised the sale of assona GmbH to the Ecclesia Group.

The company continued its planned exist from the country’s insurance market, aiming to align with its overall strategy of focusing on profitable market positions of critical size. The insurtech will continue to meet the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry. More information on the announcement Assona was acquired by wefox in 2021, and it has strengthened its market position under its ownership, especially in the insurance for the e-bikers and bicycles that were sold through the use of specialist retailers.

Ecclesia is expected to maintain assona’s overall affinity distribution partnerships, as well as to integrate all current employees. In a related transaction, wefox Germany Holding GmbH has agreed to sell its insurance brokerage activities in Germany to IWV Versicherungsservice AG. This deal is set to include the transfer of a client portfolio, sales teams, parts of the independent broker network, as well as a group of employees to IWV Versicherungsservice AG.

The IWV Group represents an established player in the German broker market and it is expected to continue to offer office broker and customer solutions after the transaction is done. These deals mark a significant step in wefox’s exit from the German market, and it represents a part of the company’s ongoing strategic shift. According to Bloomberg, the board has approved a convertible loan agreement worth around EUR 25 million from Target Global and Chrysalis Investments, aimed at raising additional funds.

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