Swiss Re has entered into an agreement to offload the European property and casualty segment of its insurtech subsidiary iptiQ to Allianz Direct.

Built under Swiss Re’s incubation system, iptiQ delivers digital underwriting and product solutions to local brokers and direct-to-customer channels across European markets. For Allianz Direct, the acquisition brings established digital infrastructure and regional partner networks, supporting the carrier’s expansion of personal and SME-focused property casualty lines and strengthening its digital footprint across continental Europe.