Wefox brings together sales of Italian operations to JC Flowers
Wefox has signed sales of its Italian businesses Wefox MGA and Wefox Service Italy with an investment fund supervised by private equity company JC Flowers.
The closing of the acquisition, first announced in May, means a strategic change for the company as it currently operates as an independent entity in the Italian insurance market.
The company’s existing leadership team will continue to guide its strategy with a focus on innovation and expanding its high potential segment, JC Flowers said in a statement.
Wefox Italia will announce its new brand identity and will soon share details about its strategic direction.
Subsidiaries involved in the transaction focus on affinity distribution channels focusing on auto insurance.
The sale is part of Wefox’s strategy to increase financial flexibility and represents the culmination of the company’s restructuring process.
This sale will enable the Wefox management team, led by CEO Joachim Mueller, to devote their efforts to developing our key business activities and establish a foundation for long-term financial stability.
The Italian subsidiary’s offloading is consistent with a series of strategic moves by Wefox aimed at streamlining its operations.
Earlier this year, Wefox Insurance had agreed to transfer its outflow portfolio to DARAG, including various lines of movement damage, third party liability, private liability and real estate business across Germany, Italy and Switzerland.
Last August, Wefox Group announced its withdrawal from the German insurance market. The German insurance market included the sale of Assona to Ecclesia Group and the transfer of insurance brokerage to IWV Versicherungs Service through the sale of its subsidiary.
“Wefox has compiled sales of Italian operations to JC Flowers” was originally created and published Life Insurance Internationala brand owned by GlobalData.
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