Europe Insurance Brokerage News

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• July 2024: Allianz Partners has become the travel insurance provider for TUI, a major UK travel and leisure company. The insurance coverage extends to TUI's direct customers and those of its brands, Marella Cruises and Crystal Ski Holidays. This UK partnership is part of TUI's broader strategy to consolidate European travel insurance services with Allianz Partners, following successful implementations in Germany, Poland, Switzerland, and Nordic countries.
• January 2024: Allianz Partners launched the Allyz mobile app, a digital platform offering travelers advice, expert insights, and access to insurance benefits. The app's initial release in France, Germany, and the Netherlands signifies Allianz Partners' commitment to digital expansion, with plans to introduce more digital services across all business lines throughout 2024.

• May 2024: Mercury Insurance collaborated with Tokio Marine America (TMA) to devise a strategy for transitioning TMA's customers from its subsidiary Trans Pacific Insurance Company (TPIC) to Mercury Insurance.
• September 2023: Allianz Versicherungs-AG and Fleetpool, a car subscription provider, strengthened their strategic partnership in the new mobility industry. This collaboration aims to enhance innovative mobility solutions and expand the market presence of these companies.

• May 2024: MyGate, a housing society management app, entered the insurance distribution business. It obtained an aggregator license from the Insurance Regulatory and Development Authority of India (IRDAI) to distribute insurance policies.
• March 2023: BlackRock and Citi formed a technological partnership with insurer Singlife. Clients will have access to full portfolio management capabilities through integration with BlackRock Aladdin and Citi, which will increase productivity, automate controls, and facilitate a smooth front-to-back experience.

• April 2024: Aviva PLC ("Aviva") announced the acquisition of AIG Life Limited ("AIG Life UK") from Corebridge Financial Inc., a subsidiary of American International Group Inc. After receiving all requisite approvals, the acquisition was finalized for EUR 453 million (USD 497.95 million).
• March 2024: Allianz finalized its acquisition of Tua Assicurazioni in Italy. Allianz SpA confirmed the successful acquisition of Tua Assicurazioni SpA from Assicurazioni Generali SpA. The deal was sealed for EUR 280 million (USD 307.78 million). Tua Assicurazioni boasts a robust property and casualty (P/C) insurance portfolio, generating approximately EUR 280 million (USD 307.78 million) in gross written premiums in 2022. Notably, this was largely facilitated through its extensive network of nearly 500 agents.

• July 2024: Dutch firm Boskalis planned to acquire the remaining shares in Smit Lamnalco, the world’s fifth-largest towage operator, which already owns 50%. Smit Lamnalco, a joint venture with Saudi’s Rezayat Group, reported USD 275 million in revenue and USD 100 million in EBITDA for 2023. The acquisition is pending regulatory approval.
• December 2023: The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (Medgulf) announced on December 2023 that it received a notice to award the contract to provide health insurance services for Saudi Electricity Company (SEC) employees and dependents for one year.

• November 2023: AXA completed the purchase of Laya Healthcare Limited for a price of USD 684 million, as previously reported by the company.
• July 2023: AXA completed its acquisition of GacM Spain for an amount of USD 326 million, according to a statement made by AXA on the occasion of the transaction.

• In March 2024, Allianz SpA completed the acquisition of the Italian insurance and reinsurance company Tua from Assicurazzioni Generali SpA for an agreed price of EUR 280 million. The transaction was first announced on October 12th, 2023.
• In May 2023, InsureMyTrip is now offering travel insurance in Canada. Traveling Canadians and visitors to Canada can now go online at insuremytrip.ca to compare, quote, and buy travel insurance from the best travel insurance providers in the country. With the launch of insuremyTrip.ca, the website is set to become the go-to travel insurance comparison website in Canada. 
• In February 2023, Vistara formed a partnership with Allianz Partners to offer optional travel insurance to its passengers. Customers can now opt for travel insurance during the booking process for both domestic and international flights.

• January 2024, AXA IM introduced the AXA IM MSCI Europe Equity PAB UCITS ETF to its range of ETFs. This new ETF tracks the MSCI Europe Climate Paris Aligned index, providing investors with a cost-effective choice for sustainable, low-carbon investments.
• Allianz disclosed its intention to acquire Tua Assicurazioni SpA from Assicurazioni Generali SpA for EUR 280 million (USD 297.89 million) in 2023.

• March 2024: Chubb Limited recently unveiled a global platform aimed at offering transactional risk liability insurance products in international markets.
• January 2024: Cover Genius, a leading insurtech for embedded protection, and Vueling, Spain's prominent low-cost airline, unveiled an exclusive partnership aimed at safeguarding over 30 million travelers. By tapping into Cover Genius' robust global technology, this collaboration empowers Vueling to expand its reach beyond Spain, effectively addressing the evolving demands of the global travel community.
• November 2023: Cover Genius, a prominent insurtech specializing in embedded protection, and SAS, the premier airline in Scandinavia, unveiled an exclusive and tailor-made protection program. This program spans over 25 European countries and the United States and has the potential for global expansion. By integrating comprehensive travel protection directly into the customer booking process, passengers not only enjoy AI-driven price optimization and personalized product suggestions but also a hassle-free claims process.

• January 2024: Manulife and Aeroplan, an Air Canada-owned loyalty program, launched a new multi-year agreement that will allow Manulife Group Benefits members to accrue Aeroplan points for participating in activities and behaviors that promote health and well-being.
• December 2023: Westland Insurance acquired Gateway Insurance Group, Hutcheson, Reynolds, and Caswell Insurance. With this acquisition, Westland expanded its already robust Property and Casualty (P&C) practice and grew its presence in the strategically important Ontario and Atlantic Canada region.
• November 2022: StoneRidge Insurance Brokers acquired Safeway Insurance, which offers consumers a wide variety of financial products, including investment alternatives and life insurance, in addition to a huge selection of property and liability insurance products.