Zurich Insurance Group has acquired Canadian firm BOXX Insurance Inc., the global cyber insurance and risk management Insurtech firm, to provide retail and small and medium enterprise (SME) cyber insurance and services globally.
In a statement, Zurich CEO Cara Morton said BOXX will continue to operate under its own brand while being integrated into its platforms business Zurich Global Ventures (ZGV), which operates across the life protection, employee benefits, and travel sectors.
Financial terms of the deal were not disclosed.
With Toronto-based BOXX, Zurich aims to deliver “holistic, value-adding, and digital-first products and services” spanning prevention, protection, and recovery, and tailored to customers across retail and B2B2E, the statement added.
“We have had a very successful collaboration with BOXX since 2021,” Morton said. “BOXX’s digital-first, service-led approach will help us further enhance customer engagement and provide integrated solutions that make people’s everyday life easier.”
Vishal Kundi, BOXX Insurance CEO and cofounder, said joining Zurich gives it the resources and reach “to accelerate our mission” as it seeks to grow its cyber offerings for home and business customers and expand the range of value-adding solutions.
Founded in 2018, BOXX has expanded its geographic reach across five continents to nearly one million customers. It was recognized as ‘Insurtech of the Year’ by Insurance Business Canada last November.
With its suite of Cyberboxx products, the Canadian company provides all-in-one solutions that combine cyber insurance and cyber security services for home and business customers.
Kundi said Zurich’s acquisition builds on BOXX’s recent investments, strategic hires, and distribution partnerships, as it expanded into the US market and established outposts in India, Europe and Australia.
Zurich is Switzerland’s largest insurer. As of 2024, ZGV is the world's 98th largest public company according to Forbes' Global 2000s list, and in 2011, it ranked 94th in Interbrand's top 100 brands.
The BOXX acquisition is the latest in a series for Zurich. The Swiss firm bought a minority stake in Icen Risk, a British company specializing in insuring mergers and acquisitions, in April. In 2024, Zurich also purchased American International Group’s global travel insurance business, and added a majority stake in India’s Kotak General Insurance Company Ltd.
