Zurich Insurance Group AG agreed to buy BOXX Insurance Inc, a Canadian cyber risk management firm, marking the Swiss insurer’s latest push into the insurance technology sector.
The acquisition will see BOXX becoming part of Zurich’s platforms business, Zurich Global Ventures, the company said in a statement. Financial terms of the transaction were not disclosed.
“BOXX’s digital-first, service-led approach will help us further enhance customer engagement and provide integrated solutions that make people’s everyday life easier,” Cara Morton, CEO Zurich Global Ventures said in the statement.
BOXX provides services to businesses and individuals to insure and defend against cyber threats. The company was founded in 2018 and is based in Toronto, Canada.
Zurich Insurance has gone into an acquisition spree since last year. In April, the firm bought a minority stake in Icen Risk, a UK company specializing in insuring mergers and acquisitions. Last year, the Swiss insurer also bought American International Group’s global travel insurance business, as well as a majority stake in India’s Kotak General Insurance Company Ltd.
Photograph: A Zurich Insurance Group AG building in Zurich. Photo credit: Alessandro Della Bella/Bloomberg
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