By Giulia Petroni

Allianz SE on Thursday said that it is investing in German used-car marketplace car heycar's parent company Mobility Trader Holding GmbH and will become its insurance partner.

The German insurer said the partnership will cover the next five years in all existing and future markets. The amount of the investment wasn't disclosed.

"Allianz' integration into the platform will make available core motor insurance products and extend to a variety of add-on features, such as roadside assistance and warranty," the company said.

The investment is being made through Allianz's digital investment unit Allianz X. Existing investors include Volkswagen AG, Volkswagen Financial Services and Daimler Mobility AG.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

July 08, 2021 05:17 ET (09:17 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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