WEFOX SUCCESSFULLY COMPLETES TWO TRANSACTIONS TO EXIT THE GERMAN MARKET

Zurich, 31 July 2024 - As announced in June, wefox has continued to implement its exit from the German insurance market as part of the refocusing of its portfolio on profitable market positions of critical size.

In this context, wefox Germany Holding GmbH has reached an agreement with the Ecclesia Group on the sale of assona GmbH. Under the ownership of wefox, the specialist MGA acquired in 2021 has further expanded its leading position in the sale of insurance for e-bikes and bicycles via specialist retailers and significantly increased its profitability. Under the umbrella of Ecclesia, assona can continue to write its success story. Ecclesia will continue to nurture assona’s successful affinity distribution partnerships and take over all employees.

In addition, wefox Germany Holding GmbH has reached an agreement with IWV Versicherungsservice AG to transfer its insurance brokerage activities in the German market to IWV Versicherungsservice AG through the sale of a subsidiary. IWV Versicherungsservice AG will take over the management of the customer portfolios, parts of the independent broker network and the sales teams as well as a group of employees. The IWV Group is an established partner in the German broker market and will continue to provide high quality broker and customer service.

These two transactions largely complete the announced exit of wefox from the German market as part of the ongoing strategic realignment of wefox Group.