Global insurer Zurich Insurance Group has entered into an agreement to acquire BOXX Insurance Inc., a Toronto-based cyber insurance and risk management insurtech, which will be integrated into Zurich Global Ventures (ZGV).
This acquisition is set to boost Zurich’s cyber protection capabilities, allowing it to provide retail and SME cyber insurance and services around the world.
The integration of BOXX into ZGV will allow it to accelerate its ambition to expand its cyber offering for retail and SME customers and while also broadening its portfolio of value-adding solutions with a global reach.
According to the announcement, BOXX is to continue to operate under as a stand alone entity.
Cara Morton, CEO Zurich Global Ventures, said: “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.”
In addition to operating its own global businesses across Life Protection, Employee Benefits, and Travel, ZGV aims to deliver holistic, value-adding, and digital-first products and services – including those offered through BOXX – spanning prevention, protection, and recovery, and tailored to customers across retail and B2B2E.
Since its launch in 2018, BOXX has rapidly scaled to serve close to one million customers with its innovative suite of Cyberboxx® products, including: Cyberboxx® Business Edition, Cyberboxx® Home Edition, and Cyberboxx® Assist.
Vishal Kundi, BOXX Insurance CEO and Co-Founder, commented: “Becoming part of Zurich provides us with the resources and global reach to accelerate our mission. Combining the strengths of both organizations, will enable us to provide even more customers with the protection they need to navigate the digital world with confidence.”
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