Munich-based Allianz Direct, the European direct business of Allianz, has added more than 100 colleagues to its team in France by acquiring part of online insurer Luko.

As reported last November, Luko’s prior deal with Welsh financial services provider Admiral Group fell through after transaction conditions were not met. At the time, it was noted that Allianz had offered to take Admiral’s place in the sale of Luko’s French household business.

The change in ownership has now materialised, as confirmed by Allianz Direct chief executive Philipp Kroetz.

“This acquisition not only strengthens our presence in the French direct insurance market and allows us to expand our customer base under the Luko brand but will ultimately help us to position ourselves as a leader in the French online insurance market,” Kroetz said.             

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