iptiQ to Exit APAC Market with Hannover Re Agreement
Deal News | Apr 10, 2025 | Re-Insurance News
Swiss Re’s digital insurance subsidiary, iptiQ, has signed an agreement to sell its Australian business to Hannover Re. This sale marks iptiQ's complete withdrawal from the Asia Pacific region, aligning with Swiss Re’s strategy to gradually divest from the iptiQ business. This follows the prior agreement to sell iptiQ's European property and casualty business to Allianz Direct. The transaction is pending regulatory approvals and is part of a broader strategic initiative by Swiss Re. Additionally, Swiss Re Investment Holdings Company Ltd is set to sell a stake in Definity, amounting to approximately 10.05% of its common shares.
Sectors
- Insurance
- Reinsurance
Geography
- Australia – The specific geographic focus of the transaction involving the sale of iptiQ’s Australian business.
- APAC – The transaction marks iptiQ's complete exit from the Asia Pacific region.
Industry
- Insurance – The article involves iptiQ, a digital insurance company, and Hannover Re, a reinsurance company, both part of the insurance industry.
- Reinsurance – Hannover Re, a key participant in this transaction, operates in the reinsurance sector, which is central to the article.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| iptiQ | Target | Company | A digital B2B2C insurance company powered by Swiss Re, providing re/insurance and risk transfer solutions. |
| Swiss Re | Selling Company | Company | The parent company of iptiQ, which is selling its Australian business as part of a strategic divestment. |
| Hannover Re | Bidding Company | Company | A reinsurance company acquiring iptiQ's Australian business. |
| Allianz Direct | Other Company | Company | The purchaser of iptiQ's European P&C business in a separate transaction. |
| Jef Van In | CEO of iptiQ | Person | Announced the agreement to sell iptiQ's Australian business to Hannover Re. |