Insurtech wefox Holding AG has reached an agreement with a group of Swiss companies (led by independent Swiss pension service provider BERAG) on the sale of Liechtenstein-based wefox Insurance AG.
This follows the news from June about a restructuring effort, during which it was revealed that the Liechtenstein-domiciled insurance carrier, wefox Insurance AG, is no longer part of wefox’s core business.
According to wefox, in recent years, BERAG has represented wefox Insurance AG as an MGA in Switzerland and built up the daily sickness benefits business.
Thus, following the streamlining of the insurance company’s portfolio, it now focuses 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,” wefox added.
At the same time, there will reportedly 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 and is expected to close in the first half of 2025.
