Element cooperates with Mailo

If the German Federal Financial Supervisory Authority approves, Element will take over the insurtech's portfolio , among other things.

The 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). The Berlin-based insurtech will also act as the risk carrier for Mailo's new company from August 15, according to a corresponding announcement. At the same time, Element is expanding its property insurance license to include three additional lines of business. It now also wants to cover risks in the area of shipping and financial losses.

"As part of this strategic partnership, we are combining the strengths of Mailo and Element for even greater performance and service in commercial insurance," says Element co-CEO Christian Macht. Matthias Uebing, founder and CEO of Mailo, was also positive about the new partnership: "With Element as a strategic risk carrier, our broker partners will benefit in 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 news item incorrectly stated that Element wanted to take over Mailo. We have since corrected this error and apologize.