Swiss Re and Daimler launch new company
The two companies have entered into a strategic partnership for automotive and mobility insurance
Stocks impacted: Swiss Re (SREN), Daimler (DAI)
In a strategic partnership for automotive and mobility insurance, Swiss Re and Daimler launched a new company called Movinx that has received all necessary competition clearances. They will co-own the joint automotive and mobility insurance venture equally. The aim of this partnership is to develop fully digital automotive and mobility insurance products that would fulfill changing customer needs and offer best-in-class service quality. Movinx will position itself as a so-called Managing General Agent. The first insurance products and services are planned to launch in France in 2021. The joint venture will be open for cooperation with other stakeholders such as mobility service providers. After the announcement, Daimler and Swiss Re stocks jumped 1.80% and 1.1% respectively.
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