Zurich Insurance Group AG is expanding its reach in the insurance technology world with its latest move to acquire BOXX Insurance Inc, a Canadian company that focuses on managing cyber risks. This deal will bring BOXX into Zurich’s platforms business, known as Zurich Global Ventures. The financial details of the deal have not been made public.
BOXX, based in Toronto and founded in 2018, works with both businesses and individuals to protect against cyber threats. Their digital approach to service aims to make it easier for customers to engage and find solutions for everyday protection needs. Cara Morton, CEO of Zurich Global Ventures, highlighted that BOXX’s focus on a digital-first, service-led model will strengthen Zurich’s ability to offer integrated and user-friendly solutions.
This acquisition is part of a bigger trend for Zurich Insurance, which has been actively buying stakes and companies since last year to grow its footprint across different markets. Earlier moves include a minority stake in Icen Risk in the UK, a company specializing in insurance for mergers and acquisitions. Zurich also acquired American International Group’s global travel insurance business and took a majority share in Kotak General Insurance Company in India.
With cyber threats on the rise, Zurich’s buyout of BOXX signals a clear interest in boosting its technology and service capabilities to better address those risks. Adding BOXX’s expertise aligns with Zurich’s goal to provide more comprehensive and accessible insurance solutions to customers around the world.