Author: Pablo Monge

Source: Idealista

The Insurance Development Institute has undertaken its first divestment by selling its real estate insurance business to Idealista, specifically its three digital platforms: protegetualquiler.com, protegetuinmobiliaria.com, and lawebdelarrendador.com.

In this way, Idealista and the Insurance Development Institute conclude a “successful” partnership that will enhance Idealista’s business and improve the service provided to its clients, while consolidating the Insurance Development Institute as a Lab of innovation in the insurance sector.

The total amount of the acquisition has not been disclosed due to the decision of the management boards of both companies, according to the parties involved.

The operation includes the transfer of the development team and the three platforms specializing in real estate insurance.

With this acquisition, Idealista integrates the technology, business, and human resources, including Javier Vázquez, who was previously the General Director of the Insurance Development Institute and will join Idealista’s team to lead the development of this insurance area.

This acquisition becomes the tenth made by Idealista in the last two years, continuing its strategy of organic growth. Seabird Capital has acted as the financial advisor to the Insurance Development Institute in this transaction.