Zurich Insurance, Europe’s second-largest insurer by revenue, has acquired a minority stake in Serbian-Hungarian car insurtech startup Ominimo Insurance, Forbes writes on April 10.

According to TechCrunch, the Swiss insurer has made a €10mn equity investment for 5% of the stake, valuing Ominimo at €200mn.

The company, which entered the Hungarian motor insurance market in partnership with Signal Iduna, claims to have secured nearly 7% of the compulsory motor liability insurance (KGFB) segment, selling over 300,000 policies in its first 12 months of operation.

The performance marks one of the strongest first-year B2C growth trajectories for a European insurtech in the past decade.

The company, founded by a trio of ex-McKinsey consultants, attributes its rapid ascent to a blend of competitive pricing, fully in-house tech, and a willingness to rethink traditional risk modelling. Its pricing model leverages hundreds of variables, from vehicle dimensions to street layouts and weather patterns, to improve underwriting precision.

The startup’s data science bench includes eight medallists from international math and physics olympiads, reflecting its commitment to deep technical expertise over marketing flash. "Many of our peers have prioritised the user interface," said CEO Dusan Komar.

Ominimo is gearing up for expansion into more than ten new European markets, starting with Poland, Sweden and the Netherlands. It will act as a managing general agent for Zurich, initially focusing on motor coverage but eyeing property insurance next.