wefox has 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
Zurich: The Liechtenstein-domiciled insurance carrier wefox Insurance AG is no longer part of wefox’s core business.
Founded in 2015, wefox , a European insurtech, has 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 and BERAG are committed to making this transition as smooth as possible, said a release from the company.
There will be no change for existing daily sickness benefits contracts, the operational processes will remain the same and BERAG will remain the point of contact for brokers and customers in Switzerland.
The transaction is subject to approval by the Liechtenstein Financial Market Authority (FMA). The closing of the transaction is expected in the first half of 2025.