Lumico no longer accepting new applications

The company was established by Swiss Re in 1965 as Generation Life Insurance Company and rebranded to Lumico in 2017. It was owned by iptiQ, Swiss Re’s embedded insurance unit.

Lumico partnered with several distribution platforms, including Assurance IQ, a call center-based life insurance seller that went from a $2 billion valuation to zero after Prudential, which acquired it in 2019, announced its shutdown in 2024. Lumico also worked with Quilt, another now-defunct company acquired by Haven Life, which was shut down by MassMutual in November 2023. Other partners included LifeSecure and EverQuote.

In 2021, Lumico peaked with over $79 million in A&H premiums in force and more than 49,000 policies. By 2024, A&H premiums had declined to $68 million, with fewer than 34,000 policies in force.

This decline was expected following iptiQ CEO Rob Burr’s announcement in 2023 to place iptiQ’s Americas carrier business into run-off, stop onboarding new partners, and halt new business with existing ones.

Since then, Allianz Direct has acquired iptiQ’s European P&C business, although it took Swiss Re some time to update its direct-to-consumer web presence to reflect the business halt.