The move is part of Swiss Re’s plans to withdraw from the iptiQ operations. Credit: JHVEPhoto/Shutterstock.

Swiss Re has agreed to offload its iptiQ European property and casualty (P&C) insurance business, iptiQ EMEA P&C, to Allianz Direct, a digital arm of the Allianz Group.

The move is part of Swiss Re’s plans to withdraw from the iptiQ operations.

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The agreement includes the transfer of more than 100 employees of iptiQ EMEA P&C, located across Switzerland, Germany, Spain, the Netherlands and Italy, as well as all existing distribution agreements.

Through this acquisition, Allianz Direct intends to expand its reach in the B2B2C segment by bringing more than 130,000 iptiQ customers under its wing.

A digital insurer, iptiQ collaborates with insurers, brokers, banks and consumer brands to offer various P&C, life and health insurance products directly to consumers.

Earlier in the year, Swiss Re revealed its intention to exit iptiQ, concluding that “it was not the best owner for this business in the long term”.

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Allianz Direct CEO Philipp Kroetz said: “The acquisition of iptiQ’s European P&C business underlines our commitment to grow our footprint in key European markets, both in B2C and B2B2C distribution.

“We are excited to welcome the team from iptiQ to Allianz Direct and look forward to our future success. I am confident that together iptiQ and Allianz Direct can leverage the platform’s scale and competitiveness for its products and operations to drive further success for our business partners.”

In August, Swiss Re posted a profit of $996m (£771.12m) for the second quarter of 2024 (Q2 2024), bringing its net income for the first half of 2024 to $2.1bn.

Swiss Re attributed this positive performance to contributions from all business units and remains confident in meeting its full-year target of more than $3.6bn, with a net income of $1.09bn reported in Q1.