As announced in June, wefox has continued to implement its exit from the German insurance market as part of the refocusing of its portfolio on profitable market positions of critical size.
In this context, wefox Germany Holding GmbH has reportedly “reached an agreement with the Ecclesia Group on the sale of assona GmbH.”
Under the ownership of wefox, the specialist MGA acquired in 2021 has “further expanded its leading position in the sale of insurance for e-bikes and bicycles via specialist retailers and significantly increased its profitability.”
Under the umbrella of Ecclesia, assona can “continue to write its success story. Ecclesia will continue to nurture assona’s successful affinity distribution partnerships and take over all employees.”
In addition, wefox Germany Holding GmbH has “reached an agreement with IWV Versicherungsservice AG to transfer its insurance brokerage activities in the German market to IWV Versicherungsservice AG through the sale of a subsidiary.”
IWV Versicherungsservice AG will “take over the management of the customer portfolios, parts of the independent broker network and the sales teams as well as a group of employees.”
The IWV Group is an established partner “in the German broker market and will continue to provide high quality broker and customer service.”
These two transactions largely “complete the announced exit of wefox from the German market as part of the ongoing strategic realignment of wefox Group.”
Founded in 2015, wefox is an insurtech driven by a single purpose: Empowering Insurance – driving the “digital transformation of the insurance industry and facilitating seamless collaboration among all stakeholders.”
As covered late last month, Insurtech wefox, which is experiencing significant operational challenges, is now reporting that the insurance technology company is focused on its restructuring efforts as it receives support in the form of “strong’ investor support.
At an Extraordinary General Meeting of wefox Holding AG held recently, all current members of the Board of Directors “seeking re-election were confirmed by a large majority, ensuring continuity and stability.”
New to the Board are Nikolaus Frei and Richard Watts.
Mark Hartigan, who was re-elected to the board and who has “been acting as Executive Chairman since March at the request of the Board, will continue his executive function until at least the end of the year.”
Over the past 18 months, wefox claims that it “has undertaken a rigorous process to streamline its operations, focusing on shedding non-core assets and enhancing its core strengths.”
This period of intense restructuring “has included optimizing processes, reducing costs, and investing in key areas to build a more resilient and efficient organization.”
