wefox, a digital insurance coverage firm in Germany, has raised €151m ($177m) to assist its new strategic deal with its managing common agent enterprise and good insurance coverage distribution.
The funding contains a €76m capital increase, primarily from current traders, and a €75m refinancing of an current credit score facility from Searchlight Capital Companions’ credit score fund, Searchlight Alternatives Fund II.
The transfer follows the completion of wefox Group’s enterprise restructuring programme, which included the divestiture of wefox Insurance coverage AG in Liechtenstein and its Italian entities, wefox MGA and wefox Companies Italy.
The corporate plans to make use of the brand new capital to develop its market presence in Austria, the Netherlands, and Switzerland.
Joachim Müller, CEO of wefox Holding AG, commented: “Our strengths and our deal with MGA and good distribution companies make us a sexy accomplice for threat carriers and downstream brokers.
“I wish to categorical my gratitude to my group and all staff who’ve contributed to our profitable transformation, in addition to our traders for his or her continued belief and assist. I’d additionally prefer to thank the outgoing board members for his or her assist and collaboration, and I look ahead to working with Prateek on the board.”
Moreover, wefox Holding disclosed modifications to its board of administrators. Prateek Puri from Searchlight Capital Companions and Joachim Müller, CEO, have joined the board.
Julian Teicke, Fabian Wesemann, Dario Fazlic, and Nikolaus Frei have resigned from their board positions.
“wefox garners €151m in funding ” was initially created and printed by Life Insurance coverage Worldwide, a GlobalData owned model.
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