Allianz acquires Luko

Allianz has acquired, through its subsidiary Allianz Direct, the French insurtech Luko, which has been placed under legal administration since November 2023. The transaction amounted to 4.32 million EUR (4.6 million USD).

This operation has allowed the German group to take over the startup as well as all of its 112 employees.

Four other companies competed for the purchase of the startup, namely Leocare, Magnolia, Lovys and Laka.

Founded in 2018, Luko became indebted following the acquisition in 2022 of the German insurer Coya and the French insurance company Unkle.

In June 2023, the insurtech (specialising in homeowner's insurance) requested the opening of an accelerated safeguard procedure with the Commercial Court of Bobigny.