In debt, the insurer Luko requests the opening of an accelerated safeguard procedure

“A request for opening (of safeguard procedure, Editor’s note) has been made,” a source familiar with the matter told AFP.

According to L'Argus de l'Assurance, the request was filed with the Bobigny commercial court and aims to obtain "a spreading of the debt of 45 million euros" from the young shoot created in 2018.

Luko's business model is "good" and the start-up "sustainable", assured AFP the source close to the file, which indicates that no job cuts are planned to date among the 180 employees.

The request to open a safeguard procedure comes after two acquisitions made in 2022 by Luko: first that of the German insurer Coya in January, then that of the French specialist in unpaid rent insurance Unkle in March.

A fundraiser was planned to bring fresh money to Luko after these two acquisitions but it never took place and the company therefore did not settle a payment of 12 million euros in April. towards Unkle, explains L'Argus de L'Assurance.

The specialized media underlines that the request for safeguard procedure aims to reschedule the entire debt of 45 million euros contracted by Luko with its creditors and not only the 12 million euros due to Unkle.

Luko claims on its site more than 400.000 policyholders and a presence in several European countries. Initially specializing in home insurance, it has since diversified into borrower insurance.