Zurich Acquires BOXX Insurance in Another Industry Merger
In a strategic move to bolster its presence in the rapidly expanding cyber insurance market, Zurich Insurance Group has announced the acquisition of Toronto-based BOXX Insurance Inc. The deal, finalized in July 2025, marks a significant step for both parties as BOXX continues to operate as a standalone entity while leveraging Zurich's extensive resources and global reach[1][3].
BOXX, a pioneering insurtech specializing in cyber protection, has gained recognition for its innovative "protection plus prevention" model. This approach combines cybersecurity tools with tailored insurance products, catering primarily to small and medium-sized enterprises (SMEs) and individual customers across five continents[1][2].
The acquisition is part of Zurich's ambitious plans to expand its cyber offering for retail and SME customers, with a goal to grow the range of value-adding solutions with a global reach[1][3][4]. The integration of BOXX's tech-driven platform and subscription-based revenue model with Zurich's global scale aims to corner the high-growth cyber insurance sector, which is projected to reach $30 billion by 2026[2][3].
BOXX's recent expansion includes the launch of Cyberboxx Assist, a significant push into the U.S. market, and the establishment of cyber solutions in India, Europe, and Australia, signaling strong international growth plans under Zurich's ownership[3].
One of BOXX's flagship products, MyCyberProtectionTM, offers comprehensive cyber insurance, security tools, and emergency assistance for online safety. BOXX has also introduced MyCyberProtectionTM by Cyberboxx HomeSM, an all-in-one personal cyber coverage in the USA[1].
Vishal Kundi, CEO and Co-Founder of BOXX Insurance, expressed his excitement about the acquisition, stating that it will provide the resources and global reach needed to accelerate their mission[1]. Zurich, on the other hand, aims to deliver holistic, value-adding, and digital-first products and services, including those offered through BOXX[1][3].
In 2024, BOXX was recognized as 'Insurtech of the Year' by Insurance Business Canada, a testament to its innovative approach and success in the cyber insurance market[1]. With this acquisition, both Zurich and BOXX are poised to transform the cyber protection landscape, offering integrated solutions and proactive digital resilience services to an increasingly cyber-risk environment.
- The acquisition of BOXX Insurance Inc by Zurich Insurance Group will allow BOXX, an innovative insurtech specializing in cyber protection, to leverage Zurich's extensive resources and global reach, aiming to grow the range of value-adding solutions with a global reach in the high-growth cyber insurance sector.
- As part of Zurich's ambitious plans to expand its cyber offering for retail and SME customers, the integration of BOXX's tech-driven platform and subscription-based revenue model with Zurich's global scale will likely corner the $30 billion cyber insurance market by 2026.
- With the acquisition, BOXX, an insurtech that has gained recognition for its "protection plus prevention" model and offerings like MyCyberProtectionTM, and Zurich, a finance powerhouse, will transform the cyber protection landscape by offering integrated solutions and proactive digital resilience services in an increasingly cyber-risk environment.
