Swiss Re to Withdraw From Digital Insurer iptiQ, Reports Strong Q1 Net Income of $1.1B

“The reason for this decision is that the market environment now is vastly different from the one when iptiq was created,” John Dacey, Swiss Re’s chief financial officer, said, explaining that the uptake of demand for the capabilities of the iptiQ platform (which provides embedded insurance partnerships with clients) was lower than expected.

Source: Insurance Journal

“Given these changed conditions and the group’s strategic priorities, we, therefore, concluded that we are not the best owners going forward of this business,” said Dacey, noting that, while the iptiq business had lost $250 million in 2023, the loss was projected to be less for 2024.

He pointed out that the underlying opportunities for Swiss Re’s core businesses of large commercial insurance and reinsurance “have been much better than we might have thought seven, eight years ago.”

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