Insurtech wefox Holding AG has finalized an agreement to sell its Liechtenstein-based insurer, wefox Insurance AG, to a Swiss consortium led by BERAG, an independent Swiss pension services provider.
This decision follows wefox’s restructuring announcement in June, which clarified that wefox Insurance AG was no longer central to its business strategy.
As announced in June 2024, the Liechtenstein-domiciled insurance carrier wefox Insurance AG is no longer part of wefox’s core business. wefox has now agreed to sell the insurance company to a group of Swiss companies led by BERAG.
BERAG is an independent Swiss provider of pension services and in recent years has represented wefox Insurance AG as an MGA in Switzerland and built up the daily sickness benefits business. Following the streamlining of the insurance company’s portfolio, it is now focusing on collective insurance for daily sickness benefits.
This ensures continuity for the customers of wefox Insurance AG. wefox stated that the sale ensures continuity for existing customers. Both wefox and BERAG aim to facilitate a seamless transition.
Current contracts for daily sickness benefits will remain unaffected, and operational processes will stay consistent. BERAG will continue as the main contact for brokers and customers in Switzerland.
The transaction requires approval from the Liechtenstein Financial Market Authority and is expected to close in the first half of 2025.
Founded in 2015, wefox is a European insurtech driven by a single purpose: Empowering Insurance – driving the digital transformation of the insurance industry and facilitating seamless collaboration among all stakeholders.
