Insurtech firm wefox has entered into an settlement to divest its Italian entities, wefox MGA and wefox Companies Italy, to funds managed by personal fairness agency J.C. Flowers & Co.
Monetary specifics of the deal weren’t shared.
The subsidiaries primarily give attention to affinity distribution, with a give attention to motor insurance coverage.
This transaction is a part of wefox’s broader technique to realize further “monetary flexibility” and marks the conclusion of its restructuring.
Deal completion is anticipated by the tip of the second quarter of 2025 (Q2 2025), contingent on the fulfilment of normal closing situations.
The sale permits wefox’s administration crew, led by CEO Joachim Müller, to focus on growing the core enterprise and safe “sustainable financing”.
The operational actions of the Italian corporations will proceed as ordinary, with wefox clients and enterprise companions in Italy sustaining their present contacts for administration providers and claims help.
The disposal of the Italian subsidiaries follows a sequence of selections by wefox designed to streamline its enterprise mannequin.
In January, wefox Insurance coverage agreed to promote its run-off portfolio to DARAG, which included motor harm and third-party legal responsibility, personal legal responsibility, and property enterprise throughout Germany, Italy and Switzerland.
Moreover, in August final 12 months, wefox Group revealed its exit from the German insurance coverage market by promoting assona to Ecclesia Group and transferring its insurance coverage brokerage operations to IWV Versicherungsservice by way of the sale of a subsidiary.
