RealTime IT News

netIPO Goes Bullish on Online Insurance

German Internet investment bank netIPO AG announced Friday it has transferred its holdings of InsuranceCity-Versicherungsmakler Online GmbH into Insurance City AG.

With a 15 per cent holding in Insurance City AG, netIPO says the online insurance company -- which allows clients to finalize insurance contracts in 18 business areas -- is now an important strategic partner.

In a statement, netIPO said it believed there was huge potential in combining online technologies with long-standing insurance expertise.

Carlo Reiss, chairman of InsuranceCity AG, said offers can be quickly and simply calculated by InsuranceCity at any time, with the contracts then being finalized online.

"The client receives absolutely top-quality products for a reasonable price," claimed Reiss.

Insurance City estimates that it can earn around DM 100 million ($49 million) in revenue by 2004. It says the current market volume in what it calls "Internet-ready insurance" is around DM 100 billion ($49 billion).

net.IPO operates across Europe and has amassed a considerable portfolio of Internet and technology shareholdings. Among its holdings are Wallstreet-Online GmbH, webtainment GmbH and SoldiOnline.it S.p.A. (Italy).

Other net.IPO holdings include Finance Net S.A. (France), and several pre-IPO participations.