Reinsurance giant Munich Re has acquired apinity GmbH, a start-up that supplies application programming interface (API) solutions in the form of Software-as-a-Service (SaaS) for the insurance industry’s ecosystem.
apinity is an API software platform that enables insurers to utilise third-party API services, in turn making it possible to transparently manage both third-party and in-house APIs.
apinity was launched in spring 2018 as “Syncier Marketplace”, and was embedded in a high-potential incubator program of Allianz SE Insurance Group.
Until recently, apinity GmbH was a Syncier GmbH business unit, operating under the name Syncier Marketplace. apinity combines a software platform with a marketplace for sector-specific API services.
Munich Re’s acquisition of 100% of the shares in apinity GmbH was effective as of October 4th, 2022.
In a press release, it notes that both parties agreed not to disclose the purchase price.
Munich Re will employ all current personnel, and will maintain both existing business relationships and the technology platform – including all established third-party services.
Torsten Jeworrek, Member of Munich Re’s Board of Management: “As well as being an insurtech for sector-specific services, apinity offers the potential to integrate other sectors into the insurance industry’s API ecosystem,” said Torsten Jeworrek, Member of Munich Re’s Board of Management.
“That makes it a perfect fit for our Ventures portfolio. apinity will play a key role in driving forward the digitalisation of the insurance value chain and of primary insurance. What’s more, going forward people will be able to use the apinity marketplace to access our services, e.g. in the areas of NatCat and cyber.”