Allianz Direct to acquire European P&C business of iptiQ from Swiss Re.

Allianz Direct, a German direct car and legal protection insurer and insurance intermediary, agreed to acquire European Property & Casualty business of iptiQ from Swiss Re, a Swiss reinsurance company. Financial terms were not disclosed. "The acquisition of iptiQ's European P&C business underlines our commitment to grow our footprint in key European markets, both in B2C and B2B2C distribution. We are excited to welcome the team from iptiQ to Allianz Direct and look forward to our future success. I am confident that together iptiQ and Allianz Direct can leverage the platform's scale and competitiveness for its products and operations to drive further success for our business partners," Philipp Kroetz, Allianz Direct CEO.