Zurich Insurance Group AG has agreed to acquire BOXX Insurance Inc, a Canadian cyber risk management firm, marking its latest move into the insurance technology sector. The acquisition will see BOXX become part of Zurich’s platforms business, Zurich Global Ventures. Financial terms were not disclosed.
BOXX provides services to businesses and individuals to insure and defend against cyber threats. The company, founded in 2018 and based in Toronto, Canada, will enhance Zurich’s customer engagement and provide integrated solutions, according to Cara Morton, CEO of 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,” Morton said.
This acquisition is part of Zurich Insurance’s recent spree of investments. In April, the firm bought a minority stake in Icen Risk, a UK company specializing in insuring mergers and acquisitions. Last year, the Swiss insurer acquired American International Group’s global travel insurance business and a majority stake in India’s Kotak General Insurance Company Ltd.
Zurich Insurance’s expansion into cyber risk management through BOXX Insurance demonstrates its commitment to enhancing its digital capabilities and providing comprehensive insurance solutions. The acquisition is expected to strengthen Zurich’s position in the cyber insurance market.
