Major French insurance firm CNP Assurances has acquired majority stakes in two insurance tech companies: Spain’s iSalud and France’s Azimut, for €30 million and €10 million respectively.
iSalud is a health insurance broker and insurance services comparison site, with €7 million in revenues. CNP has acquired a 60% stake in the startup for €30 million. The founders will retain the remaining 40% of equity.
Its investors included Inveready Technology Investment Group and Mediaset and it manages €45 million in insurance premiums.
“CNP Partners is not a health insurer and doesn’t intend to change the current multi-agent business model of iSalud, partnering with the key Spanish health insurers,” said Jean-Christophe Mérer, CEO of CNP Partners, the Spanish subsidiary that carried out the deal. “We also want to keep the start-up mindset of iSalud while providing them with the support of a strong and long term oriented international group like CNP Assurances.”
“The marketing of healthcare insurance products through the internet is now considered as the new vertical to follow the boom of car insurance internet commercialisation. iSalud is the only site offering a 100% online transactional process,” said Carlos Conti, partner at Inveready, which has now exited the company.
Azimut, from France, focuses on digital marketing and distribution of protection insurance and has revenues of €3 million. The French insurer has acquired a 70% stake for €10 million. The remaining shares will stay with the founding managers.
According to the announcment, the deals will help the French insurance company to further develop its digital business.
“With the acquisition of Azimut, CNP Assurances is strengthening its capacity to provide value added digital and direct marketing solutions to its distribution partners or for its own channels,” said Pierre-Nicolas Carissan, managing director of life and income protection Europe at CNP Assurances.