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.