Wefox, an insurtech and managing general agent, announced it will sell all shares in its Italian subsidiaries—Wefox MGA and Wefox Services Italy —to funds managed by J.C. Flowers & Co., a global private investment firm.
The deal, which is expected to close in Q2 pending standard conditions, marks the end of Wefox’s broader restructuring effort. Financial terms were not disclosed.
Wefox said the sale will improve its financial flexibility. The operational activities of the Italian units will continue without changes. Clients and business partners in Italy will keep working with the same contacts for administration and claims services.
The company stated that its executive team, led by CEO Joachim Müller, will now focus on business development and securing long-term financing.
Last year, Wefox began a major restructuring process. It exited the German market, closed technology hubs in Spain and France, reduced senior staff, and sought to sell off certain property and casualty portfolios. It also began selling non-core businesses, starting with its Polish operations.
The operational business of the Italian entities will not be affected. Wefox customers and business partners in Italy will continue to receive high-quality administration services and claims handling support through their existing contacts.
Wefox said the restructuring, which began 18 months ago, aims to position the firm as a tech-driven insurance distributor. Most planned changes are expected to be completed by year-end.
In a related development, Darag Group recently said it would acquire a run-off portfolio from wefox Insurance AG. This move is part of an ongoing plan to sell wefox to a group of Swiss companies.
