Allianz X to acquire Innovation Group

Allianz X has entered into binding agreements with the shareholders of UK-headquartered Innovation Group to fully acquire the company. The transaction is subject to approval by the relevant competition and regulatory authorities.

Founded in 1996, Innovation Group is a provider of auto and home claims management services for insurers, brokers, fleet and leasing companies, and it also manages service and warranty plans for auto manufacturers and dealers. The company has 2,600+ employees and over 1,200 clients across Australia, Germany, Poland, South Africa, Spain, the UK, and US.

In 2015, The Carlyle Group acquired Innovation Group for about £500 million. In 2019, several banks took over Carlyle’s stake in the business after the private equity firm said it would no longer provide funds for Innovation Group. The deal included a debt restructuring package and injection of new capital.

Partnering with Allianz X will provide Innovation Group with the support to accelerate the investment in its technology and global services capabilities.

“Allianz X’s support will accelerate the roll-out of our industry-leading platform, Gateway, open up new opportunities for growth and enable us to deliver market-leading services for our clients. We are delighted to have the backing of Allianz X as we enter the next phase of our development.” – Tim Griffiths, CEO of Innovation Group.

“Innovation Group’s digital solutions bring together all the relevant parties and data to facilitate smooth, efficient and transparent claims management, from first notification of loss to repair and settlement, which is what the market is increasingly demanding. It’s a future-ready business with lots of potential and we want to help unleash it.” – Dr. Nazim Cetin, CEO of Allianz X.