| NEW YORK
NEW YORK Feb 28 Swiss insurance group Baloise
Holding has joined forces with digital financial
services venture capital and advisory firm Anthemis Group to
invest in insurance and risk management technology startups, the
latest sign of large, traditional insurers seeking to become
As part of the deal Baloise has committed 50 million Swiss
francs ($49.57 million) to Anthemis Baloise Strategic Ventures,
which will invest in young companies in Europe and the United
States, that may be able to help the insurer improve its
Baloise, which has about 50 billion Swiss francs ($49.55
billion) in assets under management, provides a range of
insurance and banking services in Switzerland, and is also
active in Belgium, Germany and Luxembourg.
The move makes it the latest established financial services
company to set up a formal investing initiative for financial
technology - known as fintech - as older and larger firms look
to increase collaboration with innovative companies in the
The most recent corporate venture launches in finance
include global exchange operator Nasdaq Inc and
Northwestern Mutual Life Insurance Co.
The launch also underscores how insurance companies have
turned their attention to becoming more digital-savvy, from
using advanced data technology to calculate risk better to
automating more of the claims management process.
At the same time, a growing number of young companies are
looking to use newer technology to modernize the $4.7 trillion
global insurance market, which has traditionally been less of a
focus for startups than banking and capital markets.
London-based Anthemis also has investment partnerships with
South African insurer and asset manager MMI Holdings Ltd and
Italian banking group Unicredit.
($1 = 1.0087 Swiss francs)
(Reporting by Anna Irrera; Editing by Bill Rigby)