5 September 2018 11:30
Photo : Freepik
Munich Re, via its subsidiary, Hartford Steam Boiler (HSB), has completed the acquisition of the company relayr, a assurtech who work in the field of the internet of things. It has developed a platform for companies to connect their new and old systems, in addition to a software program that allows you extract and analyze data from physical objects such as machines and equipment.
Relayr offers its services mainly to small and medium-sized enterprises. The assurtech will preserve its autonomy, but will be able to access the customer base of Munich Re and HSB, in addition to using their resources in financial engineering to develop new solutions, said the reinsurer. The terms of the transaction were not disclosed, but relayr is valued at 300 million u.s. dollars.
“The Internet of things changes our world, and it could disrupt the traditional sector of the insurance and reinsurance business through new business models, services and competitors,” says Torsten Jeworrek, member of the board of directors of Munich Re. This acquisition is a clear example of our strategy : we combine our own knowledge of the risk, data analysis skills and financial strength, with the technological expertise of relayr. This is our base to develop new ideas for the world of trade and industry of tomorrow. “