By Henry Gale
July 3 - (The Insurer) - Swiss insurer Mobiliar said on Tuesday it would "suspend the operations" of Companjon, its Dublin-headquartered insurtech brand.
Companjon's insurance portfolio will be liquidated subject to approval by the revelant authorities, the insurer said, while it has launched a consultation with its approximately 60 employees.
Mobiliar founded Companjon in 2020 with a focus on digital embedded insurance. Its product offering consisted of extended warranties and travel insurance, including cancel-for-any-reason, parametric transport delay and weather protection covers.
"After gaining several years of experience in the field of foreign on-board insurance and recently developing a new corporate strategy, we concluded that the development and expansion of this business sector did not fit with our strategic focus on our core business in Switzerland," said Mobiliar CEO Michèle Rodoni.