Allianz Direct has reached an agreement to acquire the insurance portfolio, brand and operational assets of Eurofil, a brand under Abeille Assurances. 

Eurofil operates in French direct motor insurance and has been serving more than 250,000 customers across France for over 30 years, according to its website. 

The financial details of the deal remain undisclosed. 

As part of the deal, more than 300 employees of Eurofil will join Allianz Direct’s team. 

The acquisition, which is subject to the requisite regulatory approvals, is expected to be completed by the end of 2025.  

Allianz Direct expects the transaction to strengthen its position in the online property and casualty (P&C) insurance market in Europe.  

In a statement posted on Linkedin, Allianz Direct CEO Philipp Kroetz said: “The transaction marks a major step in our ambition to lead Europe’s digital P&C space – driven by strong organic growth and strategic acquisitions. 
 
“Eurofil, a brand of Abeille Assurances and a leader in French direct motor insurance, brings deep expertise, strong customer relationships and a great cultural fit. 
Together, we will continue to scale our digital platform, offer best-in-class products and technical excellence, and shape the future of insurance in France and beyond. I couldn’t be prouder of our team!” 

In September last year, Allianz Direct announced the acquisition of iptiQ EMEA P&C, the European P&C insurance arm of Swiss Re.  

The agreement involved the transfer of more than 100 iptiQ EMEA P&C employees from various European locations including Switzerland, Germany, Spain, the Netherlands and Italy, and the assumption of all existing distribution agreements. 

With the addition of iptiQ’s customer base, Allianz Direct expected to enhance its footprint in the European online P&C insurance industry.