Munich Re has paid €48m to buy 100% of Allfinanz, a Dublin-based maker of web-based business and underwriting software for the life insurance industry.
Allfinanz, which has 58 employees in its offices in Dublin and Sydney, will keep its brand and be run as a separate company within the Munich Re group.
The purchase follows a global marketing and cooperation agreement between the two companies in March.
Allfinanz software aims to boost sales and cut costs at life insurers by allowing them to issue policies in a single automated sales process.
'Munich Re will participate in the growing profitability of Allfinanz and will also benefit directly through improved quality of its reinsurance business and by higher volumes achieved through clients favouring the combined Munich Re Allfinanz solution,' the world's second-biggest reinsurer said.
