Berlin, 7. September 2021. Berlin, 7 September 2021. Lawyer Friedemann Schade successfully completes the restructuring of Germany’s best-known InsurTech company with an insolvency plan.
The InsurTech startup Getsurance GmbH was founded in March 2016 in Berlin and is considered a German pioneer in the InsurTech industry for the digital and paperless conclusion of insurance contracts. The company acts as an insurance agent for Liechtenstein-based Squarelife Insurance AG and specializes in biometric-insurances. Getsurance cooperates with RGA International Reinsurance Company Ltd. as a reinsurer and offers insurances in the areas of work loss, cancer, occupational disability and term life.
Due to expiring financial resources, Getsurance had to file for insolvency on October 13, 2020. Charlottenburg Local Court appointed attorney Friedemann Schade from the law firm BRL BOEGE ROHDE LUEBBEHUESEN as (preliminary) insolvency administrator. He was able to stabilize Getsurance’s business operations and thus to create the basis for a successful investor process.
Within a very short time frame, a broad and international investor process was set up to find an anchor investor. Of the final group of bidders, Nürnberger Versicherung was able to present the most convincing concept and was awarded the contract. By means of an insolvency plan, Getsurance was discharged from debt and refinanced with equity from Nürnberger Versicherung. Following the successful restructuring of the company, the insolvency proceedings have been lifted again at the beginning of September.
Nürnberger Versicherung is a German insurance company based in Nuremberg. The group is active in the areas of life, private health, property, casualty and car insurance as well as in the financial services sector. Nürnberger Versicherung, employs around 4,500 people and generated revenues of EUR 4.6bn in 2020. The brand “Getsurance” is to remain and all employees at the Getsurance’s Berlin headquarters will be retained.
ACXIT Recovery Management acted as exclusive M&A advisor to Getsurance and the insolvency administrator during the investor process.
About BRL BOEGE ROHDE LUEBBEHUESEN
BRL is an internationally oriented partnership of lawyers, auditors and tax consultants founded in 2006. Today, the firm is represented by around 320 employees at offices in Hamburg, Berlin, Bochum, Hanover, Dortmund, Frankfurt and Munich. Attorney-at-law Friedemann Ulrich Schade is a partner in the firm and specializes in restructuring and reorganization, insolvency administration, self-administration and administration in kind.
About ACXIT
ACXIT Capital Partners is a leading international corporate finance and financial advisory firm for mid-market clients, and entrepreneurs in Europe and beyond. Since 1998, we offer our clients comprehensive corporate finance advisory services including M&A and capital markets advisory as well as debt and strategic advisory. As an independent, privately owned firm we maintain offices and representations in Frankfurt, Munich, Zurich, Hong Kong and New York as well as strong alliances in the UK and France.
ACXIT Recovery develops and structures customized solutions for distressed Mergers & Acquisitions and focusses on financial restructuring for mid-size companies and insolvency administrators.
Transaction Lead ACXIT Capital Partners
Christian Nicolas Bächstädt, Managing Partner
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