Zurich Acquires BOXX to Expand Cyber Insurance Reach
Zurich Insurance Group has completed the acquisition of BOXX Insurance Inc., a Toronto-based cyber insurance and risk management insurtech that serves retail and small-to-medium enterprise customers globally.
The acquisition brings BOXX into Zurich's Global Ventures division, which operates the insurer's life protection, employee benefits and travel insurance businesses. BOXX will retain its brand identity while expanding its operations under Zurich's ownership.
Partnership builds on four-year relationship
Zurich and BOXX have maintained a commercial relationship since 2021. The acquisition formalises a partnership that has developed over four years in the cyber insurance sector.
Founded in 2018, BOXX has expanded its customer base to nearly one million policyholders across five continents.
The company received recognition as 'Insurtech of the Year' from Insurance Business Canada in November 2024.
BOXX operates a service-led business model that combines insurance coverage with risk management tools.
Zurich Global Ventures manages the insurer's portfolio of digital insurance products, targeting retail customers and business-to-business-to-employee distribution channels.
The division develops products that span prevention, protection and recovery services across multiple insurance categories.
The acquisition supports Zurich's strategy to enhance its digital capabilities and expand its presence in the small business insurance market.
Integration strategy
Zurich has not disclosed the financial terms of the acquisition or the timeline for integration activities. The company expects to leverage BOXX's expertise to develop new products and expand its cyber insurance distribution network.
Cara Morton, CEO of Zurich Global Ventures, says the acquisition builds on an established commercial relationship between the two companies.
"We have had a very successful collaboration with BOXX since 2021, and I am thrilled to strengthen our partnership by welcoming BOXX to Zurich Global Ventures," Cara says.
Morton emphasises the strategic fit between BOXX's capabilities and Zurich's customer engagement objectives. "BOXX's digital-first, service-led approach will help us further enhance customer engagement and provide integrated solutions that make people's everyday life easier," she says.
Vishal Kundi, BOXX Insurance CEO and Co-founder positions the acquisition as an opportunity to accelerate the company's growth plans through access to Zurich's global infrastructure and resources.
"Becoming part of Zurich provides us with the resources and global reach to accelerate our mission," Kundi says.
"Combining the strengths of both organisations, will enable us to provide even more customers with the protection they need to navigate the digital world with confidence."
