HUK Coburg to Acquire Majority Stake in Pitstop Auto Repair Chain

Germany's largest car insurer plans to expand its mobility services by increasing its ownership in Pitstop to 84.9%, pending regulatory approval.

HUK Coburg aims to transition from a traditional insurer to a broader mobility service provider with this acquisition.
The company will increase its stake in Pitstop from 25.1% to 84.9%, with the deal expected to close on January 2, 2025, subject to antitrust clearance.
Pitstop, founded in 1970 and operating in over 200 German cities, employs 1,300 people and has been a key repair partner for HUK customers.
The acquisition is part of HUK's strategy to reduce repair costs, which are a significant expense for insurers amid rising parts and labor costs.
This move reflects broader industry trends, as insurers seek new revenue streams due to stagnating car insurance market growth in Germany.