Allianz Direct to acquire insurance portfolio in Germany and France of FRIDAY from Baloise for CHF50m.

Allianz Direct, a German direct car and legal protection insurer and insurance intermediary, agreed to acquire insurance portfolio in Germany and France of FRIDAY, a digital insurance company, from Baloise, a Swiss insurance company, for CHF50m. “We no longer believe that we are the best owners to take the digital insurer forward. Economic conditions have changed and the German and French markets for digital insurance are highly competitive. Although FRIDAY has built up a high level of market recognition, we believe that there are too few opportunities for us to achieve profitable growth with FRIDAY in the current environment,” Michael Müller, Baloise CEO.