The commercial insurance underwriting industry in DACH plays a crucial role in managing risk for businesses. It consists of companies that assess, evaluate, and accept various types of risks in exchange for premiums. These firms provide specialized insurance products, covering everything from property and casualty to niche offerings like liability and automation. As economic challenges and emerging technologies shape the landscape, digital transformation and insurtech innovations are becoming vital for sustainability. Collaborations between traditional insurers and tech companies are on the rise, setting the stage for more streamlined processes and tailored solutions for businesses across sectors.

The investor landscape in DACH features a mix of corporate, venture capital, and private equity firms, each contributing uniquely to commercial insurance underwriting. Headquartered in Munich, Zurich, Vienna, and other strategic locations, these firms vary in size and influence. Most were founded between the 19th and 21st centuries, with deal counts in 2024 ranging from 0 to 77. This showcases an active environment where larger companies like Allianz and Chubb meet smaller, innovative firms like Sictic and Picus Capital, highlighting the industry's evolving dynamics and investment potential.

Top 14 Commercial Insurance Underwriting Investors in DACH

1. Allianz X

• Website: allianzx.com
• Type: Corporate
• Headquarters: Munich, Bavaria, Germany
• Founded year: 2016
• Headcount: 11-50
• Number of deals in 2024: 6
• LinkedIn: allianzx

Allianz X is a corporate venture capital firm based in Munich, Bavaria, Germany, founded in 2016. It specializes in investing in digital growth companies within the insurtech and fintech sectors, providing strategic support and capital to help these companies scale their operations. Allianz X's investment portfolio includes notable transactions in the commercial insurance underwriting space, such as a $265 million funding round for Next Insurance, which focuses on small business insurance. They also acquired a 66% stake in Jubilee Allianz General Insurance Limited in Kenya, enhancing their presence in the commercial insurance market. Furthermore, Allianz X has invested in Pie Insurance, which has raised significant funding in multiple rounds, indicating their active role in supporting innovative insurance solutions. Their focus on businesses in the financial services industry seeking to innovate and expand aligns well with the commercial insurance underwriting sector.

2. Allianz

• Website: allianz.com
• Type: Corporate
• Headquarters: Munich, Bavaria, Germany
• Founded year: 1890
• Headcount: 10001+
• Number of deals in 2024: 5
• LinkedIn: allianz

Allianz is a leading insurance company based in Munich, Bavaria, Germany, founded in 1890. With a workforce of over 10,000 employees, Allianz provides a comprehensive range of insurance products and investment management services to both individuals and businesses. The company focuses on risk management and asset protection, helping customers navigate financial uncertainties. In recent years, Allianz has made significant strides in the commercial insurance underwriting space through various strategic acquisitions. Notably, they acquired a 51% stake in Jubilee General Insurance Co. of Tanzania, enhancing their presence in the African market. Additionally, their acquisition of TUA Assicurazioni for €280 million is set to strengthen their position in Italy's property and casualty insurance sector. Furthermore, Allianz is poised to acquire a 51% majority stake in Income Insurance Limited in Singapore, which will elevate their status in the Asian insurance market. These transactions reflect Allianz's commitment to expanding its commercial insurance underwriting capabilities and creating long-term value for stakeholders through innovative solutions.

3. Partners Group

• Website: partnersgroup.com
• Type: Private Equity
• Headquarters: Baar, Zug, Switzerland
• Founded year: 1996
• Headcount: 1001-5000
• Number of deals in 2024: 19
• LinkedIn: partners-group

Partners Group Holding AG is an investment management firm based in Baar, Zug, Switzerland, specializing in private equity, private infrastructure, private real estate, and private debt. Founded in 1996, the firm manages over USD 149 billion in assets and is recognized for its innovative approach and commitment to sustainability. Notably, Partners Group has been active in the commercial insurance sector, acquiring a controlling stake in Foundation Risk Partners (FRP), a US-based insurance broker, from Warburg Pincus in August 2022. Additionally, they participated in a significant funding round for Wefox, a digital insurer, which raised $650 million in June 2021. These transactions highlight Partners Group's strategic interest in the insurance industry, particularly in underwriting and brokerage, further solidifying their position as a relevant investor in this space.

4. Chubb

• Website: chubb.com
• Type: Corporate
• Headquarters: Zurich, Zurich, Switzerland
• Founded year: 1985
• Headcount: 10001+
• Number of deals in 2024: 3
• LinkedIn: chubb

Chubb Limited is a leading insurance company headquartered in Zurich, Switzerland, specializing in a comprehensive range of insurance products and services for both businesses and individuals. Founded in 1985, Chubb operates in 54 countries and focuses on commercial and personal property and casualty insurance, accident and health insurance, and life insurance. The company serves a diverse clientele, including multinational corporations and local businesses, offering tailored solutions to manage risk and protect assets. Chubb has been actively involved in the commercial insurance underwriting space, as evidenced by its participation in significant transactions such as the Series A funding round for Pathpoint, a San Francisco-based E&S platform, where they invested alongside other notable investors. Additionally, Chubb's acquisition of ACE Group for approximately $29.5 billion created the world's largest publicly traded property and casualty insurance company, further enhancing its capabilities in commercial insurance underwriting. Their strategic investment in companies like CoverHound and Huatai Insurance Group also reflects their commitment to expanding their footprint in the insurance market.

5. Speedinvest

• Website: speedinvest.com
• Type: Venture Capital
• Headquarters: Vienna, Vienna, Austria
• Founded year: 2011
• Headcount: 51-200
• Number of deals in 2024: 45
• LinkedIn: speedinvest

Speedinvest is a venture capital firm based in Vienna, Austria, founded in 2011. The firm specializes in funding early-stage tech startups across Europe, providing both capital and hands-on support to help these startups scale their operations. Speedinvest's investment focus spans various technology sectors, including Deep Tech, Fintech, and SaaS. Notably, they have participated in significant funding rounds for insurtech companies such as wefox, a Berlin-based digital insurer that has raised substantial capital over multiple rounds, including a Series C round of $650 million in 2021. Additionally, Speedinvest has invested in Luko, a French insurtech startup that raised €50 million in Series B funding in 2020. These transactions highlight Speedinvest's active role in the insurance technology sector, reinforcing their relevance as an investor in commercial insurance underwriting.

6. Picus Capital

• Website: picuscap.com
• Type: Venture Capital
• Headquarters: Munich, Bavaria, Germany
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 28
• LinkedIn: picus-capital

Picus Capital is a venture capital firm based in Munich, Bavaria, Germany, founded in 2015. The firm specializes in early-stage technology investments and partners with innovative startups across various sectors, including fintech and healthcare. Their mission is to empower entrepreneurs to challenge the status quo and build sustainable category leaders globally. Notably, Picus Capital has made significant investments in the commercial insurance space, including Kin Insurance, which raised over $13 million in Series A funding to transform homeowners insurance, and Getsurance, which raised €2 million to launch digital disability insurance. These transactions highlight Picus Capital's commitment to supporting companies that are redefining insurance underwriting through technology and innovative business models.

7. Sictic

• Website: sictic.ch
• Type: Venture Capital
• Headquarters: Zurich, Zurich, Switzerland
• Founded year: 2014
• Headcount: 201-500
• Number of deals in 2024: 77
• LinkedIn: sictic

SICTIC is a not-for-profit organization based in Zurich, Switzerland, that connects smart money investors with innovative Swiss early-stage technology startups. Founded in 2014, SICTIC provides investment opportunities, networking events, and educational resources to facilitate the growth of startups and the investment community. Among their notable transactions, SICTIC has invested in Calingo, a Zurich-based insurance startup, participating in multiple funding rounds including a CHF 1.5 million seed round in 2022 and a pre-seed round in 2021. Additionally, they led a funding round for Sustema, an insurance analytics firm that focuses on improving underwriting performance for commercial insurers, showcasing their commitment to the insurance sector. These transactions highlight SICTIC's active role in supporting innovative solutions within the commercial insurance underwriting landscape.

8. BlueOrchard Finance Ltd

• Website: blueorchard.com
• Type: Private Equity
• Headquarters: Zurich, Zurich, Switzerland
• Founded year: 2001
• Headcount: 51-200
• Number of deals in 2024: 15
• LinkedIn: blueorchard-finance-ltd

BlueOrchard Finance Ltd is an investment management firm based in Zurich, Switzerland, specializing in impact investing. Founded in 2001, the firm offers a range of investment products aimed at generating social and environmental impact alongside financial returns. Their clientele includes institutional and private investors looking to align their investments with their values. BlueOrchard operates globally, with a focus on emerging and frontier markets. Notably, they have made significant investments in the insurtech sector, including a $6.7 million investment in Probus Insurance, an online insurtech platform, aimed at geographic expansion. Additionally, they participated in a Series B funding round for Naked Insurance, raising over $37 million, further demonstrating their commitment to the insurance industry. These transactions highlight BlueOrchard's engagement in commercial insurance underwriting through innovative technology solutions.

9. Swiss Re

• Website: swissre.com
• Type: Corporate
• Headquarters: Zurich, Zurich, Switzerland
• Founded year: 1863
• Headcount: 10001+
• LinkedIn: swiss-re

Swiss Re Ltd, founded in 1863 and headquartered in Zurich, Switzerland, is a leading reinsurance company that offers a comprehensive range of insurance and risk management solutions to businesses globally. With over 10,000 employees, Swiss Re operates through various segments, including property and casualty reinsurance, life and health reinsurance, and corporate solutions. Notably, Swiss Re Corporate Solutions has made strategic acquisitions to bolster its position in the commercial insurance market, such as the acquisition of IHC Risk Solutions for approximately $152 million, which enhances their capabilities in the small- and middle-market self-funded healthcare benefits segment. Additionally, their 51% acquisition of Compania Aseguradora de Fianzas (Confianza) further illustrates their focus on improving risk management capabilities in the insurance sector. Swiss Re has also invested in innovative insurance technology companies like Getsafe, indicating their commitment to evolving within the commercial insurance landscape.

10. Hannover Re

• Website: hannover-re.com
• Type: Corporate
• Headquarters: Hanover, Lower Saxony, Germany
• Founded year: 1966
• Headcount: 1001-5000
• LinkedIn: hannover-re

Hannover Re is a prominent reinsurance company based in Hanover, Lower Saxony, Germany, founded in 1966. With a workforce of 1001-5000 employees, Hannover Re specializes in providing comprehensive reinsurance solutions across property and casualty, as well as life and health sectors. The company serves insurance businesses globally, helping them manage risk and enhance financial stability through tailored reinsurance services. Notable transactions include the acquisition of Skandia International Insurance Company (SIIC) for approximately 140 million USD, which included a portfolio of life and health reinsurance, and the acquisition of Clarendon Insurance Group for 500 million USD, a leading writer of program business in the U.S. These strategic acquisitions highlight Hannover Re's commitment to expanding its footprint in the commercial insurance underwriting space, making it a significant player in the industry.

11. Munich Re

• Website: munichre.com
• Type: Venture Capital
• Headquarters: Munich, Bavaria, Germany
• Founded year: 1880
• Headcount: 10001+
• Number of deals in 2024: 2
• LinkedIn: munich-re

Munich Reinsurance Company, founded in 1880 and based in Munich, Bavaria, Germany, is a prominent global insurance and reinsurance provider. The company specializes in a diverse range of solutions, including property/casualty and life/health reinsurance, serving businesses and organizations to manage risks through innovative insurance products and consulting services. Munich Re has made significant investments in the commercial insurance underwriting space, including the acquisition of Roanoke Insurance Group, a US marine insurance underwriting agency, for $52.5 million in 2008, and the acquisition of HSB Group for $742 million in 2008, which focuses on engineering and technology insurance. In 2023, Munich Re Ventures led a Series A funding round for Capitola, a digital marketplace for commercial insurance, raising $15.6 million to enhance its platform and sales in the U.S. These transactions highlight Munich Re's strategic focus on expanding its capabilities in commercial insurance underwriting and risk management.

12. HDI Global SE

• Website: hdi.global
• Type: Corporate
• Headquarters: Hanover, Lower Saxony, Germany
• Founded year: 1903
• Headcount: 5001-10000
• LinkedIn: hdiglobal-se

HDI Global SE, founded in 1903 and based in Hanover, Lower Saxony, Germany, is a corporate insurance company that specializes in providing a comprehensive range of insurance solutions tailored for businesses. With a workforce of 5001-10000 employees, HDI Global operates globally, offering property, liability, and specialized coverage to meet the diverse needs of its clients. The company has been actively involved in significant transactions within the commercial insurance sector, including the acquisition of HDI Global Specialty, which enhances their underwriting capabilities. They also acquired the retail business of Sompo Seguros in Brazil, further expanding their market presence. Additionally, HDI Global has invested in Planck, an AI-driven platform for commercial insurance analytics, and participated in the Series B funding of Roojai, a Thai insurance startup, indicating their strategic focus on innovation and growth in the commercial insurance underwriting space.

13. CommerzVentures

• Website: commerzventures.com
• Type: Venture Capital
• Headquarters: Frankfurt, Hesse, Germany
• Founded year: 2014
• Headcount: 1-10
• Number of deals in 2024: 6
• LinkedIn: commerzventures

CommerzVentures is a venture capital firm based in Frankfurt, Hesse, Germany, founded in 2014. The firm specializes in investing in fintech startups and manages €550 million across three funds. CommerzVentures provides advisory services to help these startups grow in the competitive financial technology sector. Notably, they have been involved in significant transactions within the insurtech space, including multiple funding rounds for Getsafe, a company focused on digital insurance solutions. Getsafe raised a total of $63 million in Series B funding in 2021 and previously secured $17 million in Series A funding in 2019, showcasing CommerzVentures' commitment to supporting innovative insurance solutions that align with commercial insurance underwriting.

14. ERGO Group AG

• Website: ergo.com
• Type: Corporate
• Headquarters: Bergisch Gladbach, North Rhine-Westphalia, Germany
• Founded year: 1997
• Headcount: 10001+
• Number of deals in 2024: 2
• LinkedIn: ergo-group-ag

ERGO Group AG is a corporate investor based in Bergisch Gladbach, North Rhine-Westphalia, Germany, and is part of the Munich Re group. Founded in 1997, ERGO Group provides a wide range of insurance products, including health, legal expenses, and commercial insurance, serving both individual consumers and businesses. The company operates in over 20 countries, focusing on core markets in Europe and Asia. In 2024, ERGO made notable acquisitions, including Next Insurance for $2.6 billion, which enhances their presence in the U.S. small business insurance market. They also acquired a Baltic business from a European insurer for €80 million and ADB Gjensidige to strengthen their market position in the Baltic countries. These strategic moves underscore ERGO's commitment to expanding its commercial insurance underwriting capabilities.

Commercial Insurance Underwriting Insights: Key Investors in DACH

Investor	Headquarter	Size	Founded	Deals 2024
Allianz X	Munich, Bavaria, Germany	11-50	2016	6
Allianz	Munich, Bavaria, Germany	10001+	1890	5
Partners Group	Baar, Zug, Switzerland	1001-5000	1996	19
Chubb	Zurich, Zurich, Switzerland	10001+	1985	3
Speedinvest	Vienna, Vienna, Austria	51-200	2011	45
Picus Capital	Munich, Bavaria, Germany	11-50	2015	28
Sictic	Zurich, Zurich, Switzerland	201-500	2014	77
BlueOrchard Finance Ltd	Zurich, Zurich, Switzerland	51-200	2001	15
Swiss Re	Zurich, Zurich, Switzerland	10001+	1863	0
Hannover Re	Hanover, Lower Saxony, Germany	1001-5000	1966	0
Munich Re	Munich, Bavaria, Germany	10001+	1880	2
HDI Global SE	Hanover, Lower Saxony, Germany	5001-10000	1903	0
CommerzVentures	Frankfurt, Hesse, Germany	1-10	2014	6
ERGO Group AG	Bergisch Gladbach, North Rhine-Westphalia, Germany	10001+	1997	2

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