Friendsurance invented peer-to-peer insurance. It just sold for its paperwork.
Cover Genius has acquired Friendsurance, the Berlin company that invented peer-to-peer insurance. The deal took effect immediately, and neither side disclosed a price.
Friendsurance built its name on a simple idea. Small groups of policyholders pool together, and everyone who stays claim-free collects cash back at the end of the year.
Its own German language site still calls the firm the originator of peer-to-peer insurance, and credits it with developing that claims-free bonus in 2010.
Neither the acquisition announcement nor the quotes inside it mention peer-to-peer once.
What Cover Genius actually bought
The buyer was explicit about the appeal, and it is the unglamorous half of the business.
“Friendsurance has spent over a decade building the technology, the deep bank networks, and the institutional compliance required to make that possible,” said Angus McDonald, chief executive and co-founder of Cover Genius, in the company announcement.
The specifics sit lower in...
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