Wefox completes two transactions to exit the German market

Wefox announced a deal to sell its e-bike insurance subsidiary assona to German insurance broker Ecclesia Group.

The MGA, which was acquired in 2021, has significantly increased its profitability according to the company.

In addition, Wefox 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. This deal includes the transfer of customer portfolios, parts of the independent broker network, sales teams, and a group of employees to IWV Versicherungsservice AG.

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