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Allianz X to invest in GT Motive

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Allianz X, the digital investments arm of Allianz Group, announced today that it has entered into binding agreements with the shareholders of GT Motive, Mitchell International, Inc. and Einsa Print S.A., to acquire a majority stake in the company. The transaction is subject to the approval of the relevant antitrust authorities.

GT Motive is a Software-as-a-Service (SaaS) company that develops solutions for estimating and managing automotive insurance claims, as well as maintenance and mechanical breakdowns. It serves business customers across the automotive, insurance, and fleet & leasing industries. GT Motive’s tools and technologies enable a fast path to normality after a vehicle accident or mechanical breakdown, for example, by streamlining claims handling through more efficient and automated loss assessments. The company has a strong international footprint with presence in 28 countries, as well as a global network of technology and business partners, including most vehicle manufacturers. Its target market is expected to grow further in the coming years due to the increasing complexity of vehicle components, which require more sophisticated repairs, as well as a general expansion of the total vehicle market.

“GT Motive provides highly-accurate data at competitive prices and one of the most integrative, customer-centric platforms on the market,” said Dr. Nazim Cetin, CEO of Allianz X. “We see enormous potential to scale it up into a hard-hitting heavy-weight. All it needs is some more muscle behind it—and that’s where Allianz X can help.”

“We have won the support of a business partner that is committed to digitalization and recognizes our contribution to the industry after many years of service and hard work,” said Ángel Martínez, CEO of GT Motive. “Our long-term vision requires commitment and investment. In Allianz X, GT Motive has found the best way to ensure that.”

Following the transaction, GT Motive will maintain its business model and operational autonomy. The company will retain its name, brand, and culture, and will continue to offer its full range of services to all clients, including Allianz.

About Allianz X

Allianz X invests in digital frontrunners in ecosystems relevant to insurance and wealth management. As one of the pillars of Allianz Group’s digital transformation strategy, Allianz X provides an interface between Allianz Operating Entities and the broader digital ecosystem, enabling collaborative partnerships in insurtech, fintech, and beyond.

The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million[1] private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 793 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage more than 1.8 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are amongst the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2020, over 150,000 employees achieved total revenues of 140 billion euros and an operating profit of 10.8 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

*Including non-consolidated entities with Allianz customers.

About GT Motive

GT Motive, headquartered in Madrid and with presence in 28 countries, is a company specialized in delivering automotive data to the repair, insurance, fleet and leasing industries. GT Motive dreams of a more open and collaborative ecosystem, facilitating access to data to enable claims and repair digitalization. Using the latest technology, GT Motive processes more than 5 million estimates every year with consistent growth.

Press contact

Gregor Wills
Allianz X
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

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Allianz X to invest in GT Motive

GT Motive is a leading technology and data-driven automotive claims solutions provider active in 28 countries Demand for services growing as vehicle component complexity increases and total vehicle market expands GT Motive is Allianz X’s third majority investment and joins a portfolio of over 25 companies