On Thursday the Canadian company Boxx, an insurtech specializing in cybersecurity, announced that it has reached an agreement to be acquired by the Swiss insurance giant Zurich.
Founded in 2018, Boxx has nearly one million customers thanks to its "Cyberboxx" range, an integrated offering of insurance and digital security services for SMEs and individuals.
In a statement, the company explained that joining the Zurich group will give it the resources and international reach it needs to accelerate its development.
Zurich, which has been working with Boxx since 2021, described the partnership as "very fruitful."
The company is expected to continue operating independently after the transaction.
The amount of the transaction was not disclosed.
Boxx's flagship products include an all-in-one solution for households and a suite of tools to help businesses and individuals anticipate, prevent, and respond to digital threats.
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Zurich Insurance Group Ltd is an insurance group. Revenues break down by activity as follows:
- property & casualty insurance (75.2%);
- life insurance (19.7%);
- other (0.2%): primarily network, investment, and market banking activities (Zurich Capital Markets), reinsurance, asset management, management of its own accounts, etc.
The remaining revenues (4.9%) are from services provided through Farmers Group (risk assessment, administrative and accounting services related to contracts, collection of premiums, portfolio management and other administrative services).
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