Wefox offloads key insurance carrier unit

Insurtech company Wefox said Monday (December 02) that it has agreed to sell its Liechtenstein-domiciled insurance carrier wefox Insurance AG to a group of Swiss companies led by BERAG, a provider of pension services.

The financial terms of the deal were not disclosed.

The move is part of the efforts to streamline Wefox Insurance’s business, which will now focus on collective insurance for daily sickness benefits. The company said there will be no change to the existing daily sickness benefits contracts.

The deal, which is expected to close in the first half of 2025, is subject to approval by the Liechtenstein Financial Market Authority.

It’s the latest in the ongoing strategic ambition for the insurtech which announced that Wefox Germany Holding GmbH finalised the sale of assona GmbH to the Ecclesia Group earlier this year.

The firm also welcomed a new CEO in September when Joachim Müller, former chief executive of Allianz Global Corporate & Specialty and Allianz Commercial, joined. He took over from chairman Mark Hartigan, who simultaneously functioned as interim chief executive while Wefox was restructuring. 

Remaining as Wefox chair, Hartigan said: “We are very pleased to have gained such an experienced insurance manager like Joachim Müller for Wefox. We are confident that together we can create the basis for a successful and sustainable future for our company.”