Allianz Direct to buy Luko

According to a report by Sifted, Allianz Direct is set to buy French insurance startup Luko for €4.3 million.

Last June, Admiral announced that it would acquire the troubled insurance startup. According to reports, the British insurer agreed to pay €11 million, with an additional €3 million in potential earnouts. However, Admiral backed out of the deal and Luko needed to find a new buyer to avoid liquidation.

Allianz Direct is the digital insurance subsidiary of Allianz.