Allianz X to invest in GT Motive

Downloads

Related information

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 126 million* 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 767 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage nearly 1.9 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 among the leaders in the insurance  industry in the Dow Jones Sustainability Index. In 2021, over 155,000 employees achieved total revenues of 148.5 billion euros and an operating profit of 13.4 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:

Further information

Allianz Ayudhya Capital PCL (AYUD) to acquire Aetna Thailand, further expanding its presence in the Thai insurance market

Allianz Ayudhya Capital PCL (AYUD) has entered into an agreement to acquire 100% of shares of Aetna Thailand, a prominent player in the Thai health insurance market. The acquisition reaffirms the company’s commitment to further invest and expand its health insurance business to benefit customers in Thailand.

Allianz announces share purchase agreements to acquire 72 percent of European Reliance; Launch of a voluntary tender offer for European Reliance shares outstanding

Allianz SE today announced it is entering into certain Share Purchase Agreements (“SPAs”) to acquire 72 percent of European Reliance General Insurance Company SA (“European Reliance”), a leading Greek insurer with 223 million euros in gross written premiums (GWP), with a network of 110 retail offices and 5,667 agents.

Allianz X leads funding round of London-based fintech OpenGamma

 Allianz X has led a funding round of London-based B2B fintech OpenGamma with a total investment of USD 21 million. In addition to the digital investments unit of Allianz, all existing investors participated in the funding round.