Zurich Insurance Group has acquired a minority stake in Serbian-founded and Hungary-registered car insurtech startup Ominimo Insurance at a valuation of EUR 200 million, according to Ominimo, SeeNews writes. Neither the value of the investment, nor the size of the stake were disclosed.

Zurich Insurance and Ominimo are also launching a comprehensive distribution agreement in the European insurance market. Through the partnership, Zurich Germany's insurance carrier DA Direkt and Ominimo will jointly offer motor insurance products to retail customers, launching in Poland in the second quarter of 2025, as Zurich Insurance said.

"Zurich's global reputation and financial strength will not only provide us with stability but will enable us to achieve very ambitious growth in an industry that is extremely capital-intensive", Ominimo co-founder and CEO Dusan Komar, an entrepreneur from Serbia, said.

This year, Ominimo plans to expand to Poland, Sweden and the Netherlands, while in the next two to three years, the focus will be on all major countries in the European Union, the source added.