Neo-insurer Getsafe has signed an agreement for the acquisition of the complete German portfolio of French insurance tech start-up Luko Insurance for an undisclosed sum.
In September this year, the German Federal Financial Supervisory Authority (BaFin) granted approval for the acquisition.
With the takeover, Getsafe will gain a customer base of more than 550,000 policyholders spread across the UK, Germany, France and Austria.
The portfolio of 50,000 policies comprises liability, pet and home contents insurance.
The latest deal is part of Getsafe’s strategy to bolster its footprint in Europe.
The divestment of the German portfolio by Luko comes on the heels of its prospective acquisition by UK-based insurance company Admiral Group.
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The German and Spanish portfolios of Luko are not part of the Admiral deal.
Getsafe CEO and founder Christian Wiens said: “We aim to become the go-to platform for 100 million young Europeans who will spend €300bn [$316.66bn] on insurance in the next decade.
“By eliminating intermediaries such as brokers and agents, we achieve much higher customer satisfaction scores than the industry average.
“Additionally, our direct-to-consumer business runs with higher margins and is already operating profitably in our core markets.”
A completely digital, mobile-first insurer, Getsafe leverages a direct-to-consumer and multi-product approach.
The company noted that these strategies aided in doubling its revenue subsequent to a fivefold rise in the past year and attaining operating profitability in key markets.
In June 2022, Getsafe entered the Austrian market with the launch of three new offerings in liability, household and dog owner liability lines.