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Allfinanz provides web-based business processing and underwriting automation software to the life insurance industry.

Munich Re paid €48m to acquire Allfinanz, the Dublin-based outfit which provides web-based business processing and underwriting automation software to the life insurance industry. The deal will allow life companies to process large volumes of business more efficiently, Munich Re said.

The acquisition follows on from the implementation of a global marketing and co-operation agreement between Allfinanz and Munich Re, which started earlier this year.

Wolfgang Strassl, Munich Re board member for life and health reinsurance business said the acquisition "forms an integral part of our global life strategy". He added that the combination of Allfinanz's leading-edge technology with Munich Re's global reach and superior risk management skills represented "a unique opportunity that will add significant value for our clients in the life insurance sector".

By combining Munich Re's expert underwriting rules and reinsurance services together with Allfinanz's software solutions, life insurers have access to technology enabling them to process large volumes of business more efficiently.

Analysis

In addition to increased efficiency, insurers can expect greater in-depth analysis of their business data and processes leading to continued improvements to the underlying underwriting rules and feedback on measures impacting on insurers' profitability.

Under the terms of the deal, Allfinanz will retain its brand and continue to be run as a separate company within the Munich Re group. It has a staff of 58 across its offices in Dublin and Sydney.

David Wall, chief executive of Allfinanz, said: "Allfinanz is now recognised as the market leader in the delivery of new business processing solutions to the life insurance industry. We have achieved this through our unrivalled track record of successful delivery coupled with the most sophisticated solution available in the market today.

"The acquisition by Munich Re is an endorsement of this success and we will continue to focus our energies on our core competency of technology delivery, while now being able to leverage the extensive global reach and risk management from Munich Re," he said.

"This combination will accelerate our ability to innovate and produce exceptional solutions for all our customers."

Pat Boyle