Element cooperates with Mailo

If approved by the German Federal Financial Supervisory Authority, Element will take over the insurtech's portfolios , among others.

Cloud-based insurtech Element will take over the portfolio of Cologne-based Mailo Versicherung AG as part of a strategic partnership, subject to the approval of the German Federal Financial Supervisory Authority (Bafin). In addition, the Berlin-based insurtech will act as risk carrier for Mailo's new company from August 15, according to a related announcement. At the same time, Element is expanding its property insurance license to include three additional lines of business. For example, it now plans to cover marine and financial loss risks.

"As part of this strategic partnership, we are combining the strengths of Mailo and Element for even greater performance and service in commercial insurance," said Element co-CEO Christian Macht. Matthias Uebing, founder and board member of Mailo also commented positively on the new partnership: "With Element as a strategic risk carrier, our broker partners will benefit in the future from being able to offer Mailo products and individual broker concepts with broader risks and in additional lines of business."

Editor's note: An original version of this announcement incorrectly stated that Element planned to acquire Mailo. We have since adjusted this error and apologize.