Zurich Insurance Group AG has announced its acquisition of BOXX Insurance Inc., a Canadian company specializing in cyber risk management, marking the Swiss insurer’s latest strategic move to strengthen its presence in the insurtech space.
BOXX will join Zurich Global Ventures, the insurer’s platform-focused division, as part of the acquisition, Zurich said in a statement. Terms of the transaction remain undisclosed.
“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,” Cara Morton, CEO Zurich Global Ventures said in the statement.
BOXX, established in 2018 and based in Toronto, delivers cyber risk solutions to businesses and consumers, providing insurance and support to defend against online threats.
Zurich Insurance has been actively pursuing acquisitions since last year. In April, it acquired a minority stake in Icen Risk, a UK-based firm specializing in M&A insurance. In 2023, the Swiss insurer also expanded its global footprint by acquiring American International Group’s travel insurance business and a majority stake in India’s Kotak General Insurance Company Ltd.
