Volkswagen is to launch its own insurance subsidiary after 62 years with the Allianz organisation.

The new company – whose name will be disclosed in October – will be a daughter subsidiary of Volkswagen Financial Services.

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“The difference with the new company is it is just for guarantee [warranty] for car products,” a VW Financial Services spokesman in Germany told just-auto.

“Allianz in Munich is our partner and we took the business back into our own company – we want to put the business closer to the carmaker.” For all other types of policies such as car insurance, Volkswagen said it would remain with Allianz.

Up until now the unit has been handled by VW Re, a subsidiary of Volkswagen.

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