Zurich Insurance, Europe’s second-largest insurer by revenue, has acquired a minority stake in Serbian-founded, Hungary-registered car insurtech startup Ominimo Insurance. According to TechCrunch, the Swiss insurer invested €10 million for a 5% equity share, giving Ominimo a post-money valuation of €200 million.
Though only a year old, Ominimo has made significant waves. After entering the Hungarian market in partnership with Signal Iduna, it has sold more than 300,000 car insurance policies, securing 7% of the local market and reaching profitability within 12 months. This makes it one of the fastest-growing B2C insurtechs in Europe in the past decade.
A Data-Driven Vision Reimagining Insurance
Founded by former McKinsey consultants Dusan Komar, Dennis Weinbender, and Laslo Horvath, Ominimo combines competitive pricing, in-house technology, and advanced risk modeling. Its algorithms consider hundreds of variables—from vehicle size and urban layouts to weather data—to refine underwriting accuracy.
The startup’s data science team features eight medalists from global math and physics competitions, reflecting a strategy built more on deep technical ability than on flashy marketing.
Komar, inspired by his frustration with legacy insurance systems, chose to disrupt the sector from within. “Instead of handing off code to clients that couldn’t execute,” he and his co-founders decided to build a company where top engineers are empowered to innovate from the ground up.
Zurich’s Strategic Move and European Expansion
Alison Martin, CEO EMEA at Zurich Insurance Group, commented:
“Growing our retail business profitably is a key ambition in Zurich’s 2025–2027 cycle. That is why I am delighted with DA Direkt’s distribution partnership with Ominimo, which will allow us to offer innovative motor insurance solutions and expand our retail customer base in Europe, beyond the markets in which Zurich is already present.”
Alison Martin, CEO EMEA at Zurich Insurance Group (Credit: Zurich Insurance)
Ominimo, in a public statement, welcomed the partnership:
“Their global reach and financial backing give us the kind of foundation most tech companies can only dream of – allowing us to stay focused on what we do best: using data science, software engineering and disciplined execution to reimagine car insurance from the ground up.”
The startup now plans to expand into over ten additional European markets, beginning with Poland, Sweden, and the Netherlands. It will operate as a managing general agent (MGA) for Zurich, with future ambitions to extend into property insurance.
Zurich’s Broader Momentum and Record Performance
This investment aligns with Zurich’s wider strategic push. Just last month, the group acquired a minority stake in Icen Risk, a mergers and acquisitions insurer, to bolster its footprint in Europe and North America.
Zurich Insurance Group also reported record financial results for 2024, with:
- USD 7.8 billion in group business operating profit
- Core ROE at 24.6%
- Cash remittances of USD 7.1 billion
- Dividend increase to CHF 28/share (+8%), continuing a trend of CHF 28 billion returned to shareholders over the past 8 years
- A Swiss Solvency Test ratio of 252%
- Strong gains across all divisions:
- Property & Casualty: BOP up 8% to USD 4.2bn
- Life: BOP at USD 2.2bn
- Farmers: BOP at USD 2.3bn with improved combined ratios
Additionally, Thomas Jordan has been nominated for election to Zurich’s Board of Directors, further strengthening the group’s leadership profile.
Zurich Insurance at a Glance
Year founded: 1872 Headquarters: Zurich, Switzerland Employees: ~60,000 (as of 2024) Revenue: Approx. USD 73 billion
