By Ryan Hewlett

June 16 - (The Insurer) – Private equity firm JC Flowers & Co announced on Monday that it has successfully completed its previously announced acquisition of Wefox Italia.

The deal, first announced in May, had New York-headquartered JC Flowers acquire Wefox MGA S.r.l. and Wefox Services Italy S.r.l., which focus mainly on affinity distribution and have an emphasis on motor insurance.

Terms of the transaction were not disclosed.

The completion of the acquisition ushers in a new phase of growth for Wefox Italia, which will continue its journey as an independent player in the Italian insurance market.

The existing Wefox Italia leadership team will lead the company under its new structure, focused on technological innovation and growth in high-potential segments.

The company plans to launch a new brand identity and further details on its strategy in the near future.

Announcing the deal last month, Wefox said the transaction will provide the company with additional financial flexibility and marks the successful completion of the group’s restructuring, allowing newly appointed CEO Joachim Müller to focus on developing the business.

Former Allianz Global Corporate & Specialty CEO Müller was appointed as CEO in September 2024, replacing Mark Hartigan, who had served as both chairman of the board and interim CEO during the recent restructuring. Hartigan continues in his role as chairman.

The deal marks the latest insurance-focused investment for JC Flowers, which in late April acquired UK insurer Admiral Group's U.S. motor insurance business, including Elephant Insurance Company and Elephant Insurance Services.