Wefox has concluded the sale of its Italian operations, wefox MGA and wefox Services Italy, to investment funds overseen by J.C. Flowers, a private equity firm.
The completion of this acquisition, first announced in May, signifies a strategic shift for the company as it now operates as an independent entity in the Italian insurance market.
The company’s existing leadership team will continue to guide its strategy, with an emphasis on technological innovation and expansion in high-potential segments, J.C. Flowers said in a statement.
Wefox Italia plans to unveil a new brand identity and share further details on its strategic direction soon.
The subsidiaries involved in the deal are focused on affinity distribution channels, with a concentration on motor insurance products.
This divestiture is part of a strategy by wefox to enhance its financial flexibility and represents the culmination of the company’s restructuring process.
The sale permits the management team at wefox, led by CEO Joachim Müller, to dedicate their efforts to the development of the company’s principal business activities and establish a foundation for long-term financial stability.
The offloading of the Italian subsidiaries is consistent with a series of strategic moves by wefox aimed at streamlining its operations.
Earlier in the year, wefox Insurance had agreed to transfer its run-off portfolio to DARAG, which included various lines such as motor damage, third-party liability, private liability, and property business spanning Germany, Italy, and Switzerland.
In August last year, the wefox Group announced its exit from the German insurance market, which involved the sale of assona to the Ecclesia Group and the transfer of its insurance brokerage operations to IWV Versicherungsservice via the sale of a subsidiary.
“Wefox wraps up sale of Italian operations to J.C. Flowers ” was originally created and published by Life Insurance International, a GlobalData owned brand.
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