W.
Welcome to TechCrunch Exchange, a weekly newsletter about startups and markets. It is inspired by the daily TechCrunch+ column from which it gets its name. Do you want it in your inbox every Saturday? Sign up here.
Take predictions and urban legends with skepticism: Luko is not France’s next unicorn, and Paul McCartney is not dead. M&A in insurtech is now rumored to be off the table. As for me, I’ll be listening to the Beatles. — Ana
Questions about a “great achievement”
Over the summer, we learned that French insurtech Luko had avoided what seemed imminent insolvency by agreeing be acquired by the British insurer Admiral Group. It was not the trip that its investors had imagined when they published a report 72 million euros in the startup, but it was not the end of the road.
However, a few days ago rumors emerged that Admiral was giving up on buying Luko.
We won’t know for sure Luko’s fate until at least Nov. 7, his next court deadline. But according to L’Argus de l’Assurance, the insurance-focused media outlet that I have the scoopThe startup’s €45 million debt restructuring became a sticking point, as creditors BNP Paribas and Triple Point Ventures hoped to recover their money before each other.
