MUNICH Re acquires tech company relayr

10 September 2018 — Andrei Victor
Reinsurer Munich Re has announced that via its subsidiary Hartford Steam Boiler (HSB), it has acquired the software company relayr, of which it will hold 100% of the shares upon completion.

German reinsurer stated that relayr offers industrial players end-to-end solutions in the area of IoT and digitalization.

The company has around 200 employees working in offices in seven cities in the US, UK, Germany and Poland.

relayr has won multiple awards highlighting the success and high recognition of the company - amongst others it was named "Hottest Internet of Things Startup" at the Europas Tech Startup Awards and won the McKinsey's and Handelsblatt's Spark Award for Best Digital Company.

Torsten JEWORREK, member of MUNICH Re's Board of Management: "The Internet of Things is already changing our world and has the potential to disrupt the traditional insurance and reinsurance industry through new business models, services and competitors. This acquisition is a clear example of our strategy: we are combining our own knowledge of risk, data analysis skills and financial strength with relayr's technological expertise. This is our basis to develop new ideas for tomorrow's commercial and industrial world."

Josef BRUNNER, CEO of relayr: "We are delighted to be intensifying our relationship with Munich Re/HSB and working together to drive digitalisation in commercial and industrial markets. We help companies in those markets to successfully navigate disruption and stay relevant. The unique combination of our companies demonstrates the importance of applying first-class technology and powerful financial and insurance offerings to deliver business outcomes to customers. This transaction is a great opportunity to build a global category leader."

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