Swiss insurers display great appetite for startups, with the latest example being Baloise. The Basel-based insurer has agreed to acquire a digital platform for home-moving services in Zurich.
Baloise will acquire Movu, a digital home-moving service platform, the insurer said in a statement today. The takeover will help Baloise broaden its product offering and add new services to the traditional insurance business.
Movu was founded three years ago by Laurent Decrue, Nenad Nikolic and Nicolas Buerer and since has become Switzerland’s biggest platform for home-moving purposes. The company is based in Zurich.
Makes Moving More Convenient
The founders intended to make moving a more convenient and reliable experience. A philosophy that Baloise says is in line with its own approach of being more than just a traditional insurer.
Movu will retain its independence under the ownership of Baloise in a bid to foster innovation. Baloise will however invest in the cooperation to jointly develop solutions and boost growth at both companies.
Insurtech: M&A Activities Accelerate
Baloise’ acquisition shows just how much money is available for M&A activities in the industry. Rival Helvetia for instance last year bought Money Park, a mortgage broker, and acquired a stake in Baimos, a German startup.
A recent study showed that insurtech was the fintech sector where most acquisitions took place last year.
