Zurich Insurance Group has invested in Ominimo Insurance as part of the latter’s Series A funding round, which values the company at €200m ($227.86m).
The specific financial terms of Zurich’s investment were not disclosed.
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Zurich also joins Ominimo as a distribution partner and minority shareholder.
The partnership is expected to support Ominimo’s focus on leveraging data science and software engineering to develop its car insurance offering.
In its first year of operations, Hungarian digital insurer Ominimo is said to have sold more than 300,000 policies and achieved a claims ratio below the national average.
Zurich Insurance will act as the risk carrier for Ominimo, which will operate as a managing general agent (MGA).
Zurich Group Germany’s carrier, DA Direkt, and Ominimo will jointly launch motor insurance products for retail customers in Poland in the second quarter of 2025 (Q2 2025).
Following this, Ominimo plans to expand to Sweden and the Netherlands in Q3 2025, with entry into 15 additional EU markets over the next three years.
DA Direkt CEO and Zurich Germany digital business and partnerships head Peter Stockhorst said: “We have achieved significant success in strategic collaborations with start-ups in recent years. Additionally, drawing on our own pricing expertise in the German market, we see substantial revenue potential for motor insurance in selected European markets. We see our partnership with Ominimo as an ideal combination for realising this potential with tailored offers for a wider customer base.”
Commenting on Zurich’s partnership and investment, Ominimo Insurance said in a LinkedIn post: “Their global reach and financial backing give us the kind of foundation most tech companies can only dream of – allowing us to stay focused on what we do best: using data science, software engineering and disciplined execution to reimagine car insurance from the ground up.”
Last month, Zurich Insurance acquired a significant minority stake in mergers and acquisitions insurer Icen Risk to support its expansion in Europe and North America.
