The collapse of Luco, the French start-up that wanted to revolutionize the world of insurance
Luco
Story – The start-up was bought by German giant Allianz in the Commercial Court for just 4.3 million euros.
She wanted to revolutionize the world of insurance. But, six years after its creation, start-up Luko has just laid down its arms. And ironically, it was bought by a traditional insurance company. On Wednesday, the Bobigny Commercial Court appointed Allianz as the buyer of this fallen star, a specialist in 100% online home insurance, in receivership from November 2023.
Among the five candidates that submitted offers (start-ups Magnolia, Leocare, Lowis and Laka), the online insurance arm of the German group, Allianz Direct, was the best bidder. It will pay 4.3 million euros to get its hands on the assets and technology of Luko and its parent company Demain ES, as well as its portfolio of 230,000 insurance contracts. Allianz Direct, which opened in France last July, has also committed to take on all 113 employees of Luko, whose brand it will retain. For creditors, the pill is very…
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