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Luke’s acquisition won’t make everyone happy, but Insurtech will live on

Allianz Direct, digital first The German branch of the insurance giant bought the French operations of the failed insurtech insurance house Luko for 4.3 million euros (about 4.65 million dollars).

This was both expected and unexpected: two companies hoped to win green light for the deal in November. But that didn’t happen, instead Luko’s parent company went into judicial rehabilitation, a procedure that meant urgently finding a buyer whose offer would satisfy the court’s requirements.

For a while, many options were back on the table, including some not-so-great ones — until this week.

Some sort of happy ending? Not really. After all, Luko himself had the ambition to become Europe’s insurtech unicorn, and he may be paying the price now. But there is also relief for some when they know that the company will not be there sold for parts after all – and the business unit that will live on is probably what it should have stuck with all along.

Yo-yo prices

Luko was mostly known for offering digital home insurance in Francewith about 230,000 policies were sold. Along the way, things got complicated and debts piled up as it expanded into other markets and acquired: German startup Coya and a fellow French startup uncleboth in 2022.

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