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Wefox is proceeding with its planned exit from the German insurance market as part of a strategy to focus on profitable segments. The company has finalized the sale of assona GmbH to the Ecclesia Group and will transfer its insurance brokerage operations to IWV Versicherungsservice AG.
Assona, acquired by wefox in 2021, will continue its distribution partnerships under Ecclesia, which will also retain current employees. The brokerage sale to IWV includes client portfolios, sales teams, and part of the broker network.
These moves reflect wefox’s broader strategic shift and ongoing compliance with local regulations. Bloomberg reports the company has secured a EUR 25 million convertible loan from Target Global and Chrysalis Investments.