Allianz Direct, a* that is digital-first( German subsidiary of the insurance giant, has acquired the French home insurance business of ailing insurtech Luko for €4.3 million (around $4.65 million).

This was both expected and unexpected: The two companies were hoping to get the light that is green a deal in November. But that didn’t take place, and Luko’s mother or father organization alternatively moved under judicial reorganization, an operation that implied it necessary to urgently get a hold of a buyer the court’s would be met by whose offer requirements.

For a while, many options were back on the table, including not-so-great ones — until this week.

A happy ending of sorts? Not quite. After all, Luko had ambitions to become a insurtech that is european by itself, and possibly it’s today having to pay the cost for this. But there’s also relief for a few in comprehending that the business won’t be offered for components most likely — and also the company device that may arguably live on is what it should have stuck to all along.

Yo-yo pricing

Luko was mostly known for offering home that is digital in France, with some 230,000 policies sold. Both in 2022.(* along the way, things became more complicated and debt mounted as it expanded in other markets and made acquisitions: German startup Coya and fellow French startup (*)

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