Bredin Prat advises Allianz Direct in connection with the acquisition of the home insurance specialist, Luko

The Commercial Court of Bobigny ruled on 24 January 2024 that Allianz Direct, the Allianz Group’s pan-European online insurer, had been selected further to a bid process to purchase Luko’s French home insurance business and all of its operating assets, including its brand.

All of the 113 employees of Luko and its parent company Demain will be transferred to Allianz Direct, with Luko’s business.

The ruling follows Luko’s court-supervised insolvency proceedings which were opened at the end of 2023. Prior to seeing its financial situation deteriorate, Luko had successfully positioned itself as a leader in the French online home insurance market promoting the use of technology to simplify and improve the insurance process.

The acquisition of the French home insurance portfolio, underwritten by Luko Insurance AG, is subject to the approval of the regulatory authorities and should take place in spring 2024.

The acquisition significantly strengthens the presence of Allianz Direct in the French market, following the announcement of its arrival at the end of 2023.

Bredin Prat team advising Allianz Direct included:

• Restructuring: Nicolas Laurent (partner), Benoît Delort and Thibault Balaÿ
• Corporate: José-Maria Perez (partner), Camille Le Dantec and Constantin Mathews
• Financing: Delphine Guillotte (counsel)
• Employment law: Laetitia Tombarello (partner) and Camille Wattrelos
• Tax law: Pierre-Henri Durand (partner) and Ngan Duong
• Intellectual Property: Juliette Crouzet (counsel) and Sarah Gicquel