Zurich to acquire cyber insurtech Boxx Insurance
By Isha Marathe
July 3 - (The Insurer) - Zurich Insurance Group has agreed to acquire Toronto-based cyber insurtech Boxx Insurance, which will operate as a standalone entity after the transaction.
The financial terms of the deal were not disclosed.
"We have had a very successful collaboration with Boxx since 2021, and I am thrilled to strengthen our partnership by welcoming Boxx to Zurich Global Ventures. Boxx's digital-first, service-led approach will help us further enhance customer engagement and provide integrated solutions that make people's everyday life easier," said Cara Morton, CEO of Zurich Global Ventures.
Zurich has a longstanding relationship with Boxx, with the insurtech having raised $10 million in a Series A round led by the insurer and two other investors in 2021. Zurich then led Boxx's $14.4 million Series B round in 2023.
"Becoming part of Zurich provides us with the resources and global reach to accelerate our mission," said Vishal Kundi, Boxx CEO and co-founder.
The acquisition builds upon Boxx's recent investments, hires and distribution partnerships, including the launch of Cyberboxx Assist, a significant expansion into the U.S. market and the establishment of cyber solutions and services in markets across India, Europe and Australia.
Zurich last year invested $60 million in Cowbell, with the insurer understood to have taken a stake of between 10% and 20% in the cyber insurtech, Cyber Risk Insurer reported.
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