Allianz DIGITAL

Research date: 27 October 2026

Target legal entity: Allianz SE

Scope: Allianz SE, identified group entities, relevant controlling principals, digital-technology investments, infrastructure relationships, data-processing arrangements and identifiable Israel-related technology exposure.

Enterprise Technology Stack & Vendor Relationships

1.1 Microsoft Azure and Allianz Business System

On 14 November 2019, Allianz SE and Microsoft Corporation announced a strategic partnership under which core components of Allianz Business System (ABS) would move to Microsoft Azure, while Allianz-founded Syncier would provide a configurable insurance platform called ABS Enterprise Edition.¹

Microsoft described ABS as supporting policy administration across several insurance classes and stated that insurers could use the hosted platform to manage policyholder relationships and insurance portfolios.¹

Independent reporting published in November 2019 also described ABS as handling approximately 60 million insurance policies in 19 countries at the time of the announcement.²

The arrangement was announced in 2019 [pre-2020], and the examined sources do not establish the migration’s present completion percentage, current hosting geography or any subsequent contractual termination.¹

Act record: Allianz SE and Microsoft Corporation were the named partnership parties; Syncier was the named insurance-platform provider; the intended beneficiaries were Allianz and other insurance providers; the announcement appeared on Microsoft’s own domain, news.microsoft.com; earliest verified observation 14 November 2019; latest independently dated observation in the examined transaction-specific materials November 2019; current contractual status unknown.^{1, 2}

1.2 Google Cloud cyber-risk partnership

On 2–3 March 2021, Allianz Global Corporate & Specialty, Google Cloud and Munich Re announced a joint cyber-risk-management and cyber-insurance programme for Google Cloud customers.^{3, 4}

The programme combined Google’s Risk Manager security-assessment technology with Cloud Protection +, a commercial cyber-insurance product developed by Allianz Global Corporate & Specialty and Munich Re.^{3, 4}

The participating insurers were intended to receive customer-authorised security-assessment information for underwriting purposes, while the initial insurance offering targeted eligible United States Google Cloud customers.^{3, 5}

Act record: Allianz Global Corporate & Specialty acted with Google Cloud and Munich Re; the beneficiaries were participating Google Cloud customers; the announcements appeared on munichre.com, googlecloudpresscorner.com and cloud.google.com; earliest observation 2 March 2021; latest dated initial announcement 2 March 2021; present programme status and any subsequent contract changes were not established.^{3, 4, 5}

1.3 Google Maps Platform

Google Cloud published a customer case study documenting Allianz’s use of Google Maps Platform in New Zealand for real-time location display, dispatch, service-provider tracking and communication through a system called MIDAS.⁶

The case study describes geolocation and operational tracking but does not identify Israeli-controlled infrastructure or processing under Israeli jurisdiction.⁶

Act record: The customer was identified as Allianz, with the specific contracting legal entity unspecified; Google supplied mapping technology; assistance coordinators and customers were the operational beneficiaries; the evidence appeared on cloud.google.com; the case study is historical [pre-2020]; exact implementation and termination dates and current deployment status were not disclosed.⁶

1.4 Israeli-origin enterprise software

No public evidence identified establishing Allianz’s direct licensing or deployment of Check Point, Wiz, SentinelOne, CyberArk, NICE, Verint, Claroty or Palo Alto Networks technology in its own enterprise infrastructure following review of the disclosed technology relationships and Allianz X portfolio.^{7, 8, 1, 3}

The presence of Microsoft Azure or Google Cloud in Allianz’s technology relationships does not identify which third-party cybersecurity products are deployed in those environments.^{1, 3}

1.5 Investment versus procurement

Allianz X identifies Fundbox, Coalition and SandboxAQ among its technology investments, with Fundbox described as a machine-learning-based financial platform, Coalition as a cybersecurity and cyber-insurance company, and SandboxAQ as an enterprise AI and quantum-technology business.^{9, 10, 11}

These portfolio disclosures establish investment relationships but do not establish that Allianz uses each investee’s software internally.^{9, 10, 11}

1.6 Systems integrators

Microsoft and Google Cloud are verified technology partners, but no public evidence identified in the reviewed records that an Allianz-appointed systems integrator was contractually required to procure Israeli-origin software for Allianz.^{1, 3}

Surveillance, Biometrics & Retail Technology

2.1 Facial recognition and biometric identification

No public evidence identified establishing Allianz’s use of Israeli-origin facial-recognition, gait-recognition, biometric-identification or retail-surveillance products from Trigo, BriefCam, AnyVision/Oosto or comparable suppliers in the examined Allianz technology and investment disclosures.^{9, 1, 3}

2.2 Location and operational monitoring

Google’s Allianz customer case study describes real-time mapping and tracking of service providers through MIDAS, a location-enabled dispatch application.⁶

The source identifies Google Maps Platform as the technology provider and does not identify an Israeli-origin surveillance supplier.⁶

Act record: Allianz was the named customer and Google supplied the mapping service; beneficiaries were assistance coordinators and service recipients; evidence appeared on Google’s corporate domain; observation is historical [pre-2020]; current operational status unknown.⁶

2.3 Predictive analytics

Fundbox uses machine learning and transactional data analysis in its financial-technology products, while Allianz X identifies Fundbox as a portfolio company.⁹

The investment relationship does not establish that Allianz uses Fundbox for workforce surveillance, predictive policing or monitoring of Palestinian populations.⁹

2.4 Customer security monitoring

Google Cloud’s Risk Protection Program used a cloud-security assessment tool whose reports could be shared with the participating insurers for underwriting.^{3, 5}

The programme was presented as commercial cyber-risk assessment rather than policing or biometric surveillance.^{3, 5}

2.5 Indirect deployment

No public evidence identified that an Israeli-origin biometric, facial-recognition or predictive-policing tool reached Allianz through a managed-services provider or bundled enterprise platform in the examined technology records.^{1, 3, 10}

Cloud Infrastructure, Data Residency & Sovereign Cloud Participation

3.1 Publicly disclosed cloud architecture

The 2019 Microsoft agreement identified Allianz Business System as a core insurance platform intended for migration to Azure.¹

The 2021 Google Cloud relationship concerned cyber-risk assessment and underwriting products for Google Cloud customers, rather than a general announcement that Allianz had migrated all internal systems to Google Cloud.^{3, 4}

These disclosures establish different technology relationships and do not identify a single worldwide hosting location for all Allianz customer information.^{1, 3}

3.2 Group privacy arrangements

Allianz SE’s privacy disclosure describes Binding Corporate Rules governing international transfers of personal information among Allianz companies and contractual controls for external processors.¹²

Allianz Partners separately acknowledges that personal data may be processed inside and outside the United Kingdom and European Economic Area, subject to applicable safeguards and authorisations.¹³

Allianz Insurance plc describes possible international transfers of personal information, including transfers within Allianz Group under Binding Corporate Rules. No public evidence identified in this replacement source establishing the specific Allianz Trade privacy-processing arrangements previously attributed to its inaccessible notice.¹⁴

These privacy statements establish cross-border processing mechanisms but do not specifically identify Israeli hosting facilities, Israeli processors or an Israeli jurisdictional route for the information covered.^{12, 13, 14}

Act record: Allianz SE published the group privacy framework on allianz.com, Allianz Partners published its notice on allianz-partners.com, and Allianz Insurance plc published its privacy notice on allianz.co.uk; the beneficiaries are the respective entities’ customers and data subjects; the replacement Allianz Insurance privacy notice was publicly retrievable during the 27 October 2026 review; exact original publication dates, individual transfer recipients and any Israel-specific processing arrangements were not established. No public evidence identified from the accessible replacement source independently confirming the corresponding Allianz Trade notice.^{12, 13, 14}

3.3 Israeli data-centre infrastructure

No public evidence identified that Allianz SE, Allianz Partners or Allianz Trade operates, leases or co-locates a dedicated data centre in Israel in the examined corporate and privacy disclosures.^{12, 13, 14}

3.4 Project Nimbus

No public evidence identified establishing Allianz SE or an identified Allianz operating subsidiary as a Project Nimbus contractor, subcontractor or named beneficiary within the examined Microsoft, Google Cloud and Allianz technology disclosures.^{1, 3, 4}

The existence of Allianz relationships with Microsoft or Google Cloud does not establish participation in a specific Israeli government cloud contract.^{1, 3}

3.5 Israeli sovereign-cloud and resilience services

No public evidence identified establishing an Allianz-branded sovereign-cloud, sovereign-data-residency or national digital-infrastructure service contracted to an Israeli military, intelligence or government body in the examined group disclosures.^{1, 3, 12}

3.6 Data-exposure limitations

The public disclosures establish insurance-data processing, cloud-platform operations, location-enabled dispatch and international data-transfer frameworks, but do not supply tenant-level network routes, cloud-region assignments or a complete recipient-by-country register.^{1, 6, 12, 13}

An Israel-specific data-exposure determination therefore remains unsupported by the examined public infrastructure records.^{1, 6, 12}

Defence, Intelligence & Security Sector Technology Relationships

4.1 Israeli defence and intelligence procurement

No public evidence identified establishing a digital-technology contract between Allianz SE or the identified operating entities and the Israel Defence Forces, Israeli Ministry of Defence or Israeli intelligence agencies in the examined company technology disclosures.^{1, 3, 4}

4.2 General-purpose cloud services

Allianz’s documented Microsoft Azure relationship concerned insurance-platform infrastructure, and the Google Cloud collaboration concerned commercial cyber-risk assessment and insurance underwriting.^{1, 3}

Neither announcement identifies an Israeli military customer, Israeli intelligence beneficiary or purpose-built military targeting function supplied by Allianz.^{1, 3}

4.3 Cybersecurity investments

Allianz X identifies Coalition as a cybersecurity and cyber-insurance business whose Active Risk Platform provides automated security alerts, threat intelligence and defensive security tools.¹⁰

The portfolio description identifies commercial cyber-risk management applications but does not establish a Coalition technology contract between Allianz and Israeli military or intelligence authorities.¹⁰

Act record: Allianz X GmbH was the investment entity associated with Coalition; Coalition was the investee and commercial cybersecurity provider; the relationship is documented on allianzx.com; the Allianz X portfolio was accessible on 27 October 2026; the exact original investment date, present ownership percentage and termination status were not established from the examined Coalition profile.¹⁰

4.4 Dual-use provision

No public evidence identified establishing that Allianz-origin enterprise software or cloud services were deployed for Israeli law-enforcement surveillance or military-intelligence activities in the examined supplier and partnership records.^{1, 3, 10}

4.5 Offensive cyber capabilities

No public evidence identified establishing that Allianz developed, licensed or maintained zero-day exploitation systems, offensive cyber weapons or purpose-built digital attack platforms for Israeli state actors in the reviewed technology and portfolio disclosures.^{9, 10, 11}

AI, Algorithmic & Autonomous Systems

5.1 Artificial intelligence in insurance technology

The 2017 Lemonade investment announcement describes Lemonade as an insurance business using artificial intelligence and behavioural economics to deliver insurance services.¹⁵

Allianz X’s later portfolio identifies Lemonade as an exited investment, establishing a historical investment relationship without establishing continuing Allianz ownership.⁸

Act record: Allianz was the announced strategic investor and Lemonade the investment recipient; Lemonade distributed the public announcement through prnewswire.com on 20 April 2017 [pre-2020]; the historical announcement remains publicly accessible; Allianz X’s portfolio, accessible in October 2026, records an exit; the disposal date and current equity percentage were not established.^{15, 8}

5.2 AI and transaction-data analysis

Allianz X describes Fundbox as a financial-technology business using machine learning to analyse transaction information and offer business credit products.⁹

Fundbox’s own corporate website independently lists Allianz among its investors.¹⁶

Act record: Allianz X GmbH is the identified investment vehicle and Fundbox the investee; the investment is reported through allianzx.com and fundbox.com; an independent October 2022 report also identifies Allianz X as an investor; the relationship appears on the current portfolio as of 27 October 2026; the exact percentage owned and initial investment date were not established.^{7, 9, 16}

5.3 AI and quantum technology

Allianz X’s portfolio identifies SandboxAQ as an enterprise software business developing applications involving artificial intelligence and quantum technology.¹¹

The same profile describes SandboxAQ’s emergence from Alphabet in 2022 and its subsequent acquisition of Good Chemistry in 2024.¹¹

Act record: Allianz X GmbH is the named portfolio investor; SandboxAQ is the technology-business recipient; the disclosure appears on allianzx.com; the company profile was accessible on 27 October 2026; the date and size of Allianz X’s investment and any contractual deployment by Allianz were not established.¹¹

5.4 AI provision to Israeli state institutions

No public evidence identified that Allianz SE, Allianz X GmbH or an identified Allianz operating company supplied AI, computer-vision or autonomous decision-support software to Israeli military or intelligence bodies in the examined disclosures.^{9, 10, 11}

5.5 Surveillance-derived training data

No public evidence identified establishing the use of Palestinian civilian surveillance data, intercepted communications or Israeli military datasets to train an Allianz-owned AI system in the reviewed technology records.^{9, 1, 11}

5.6 Autonomous targeting systems

No public evidence identified establishing an Allianz-origin autonomous target-generation, automated fire-control or weapons-targeting software product supplied to Israeli security forces in the examined sources.^{9, 1, 11}

Technology Ecosystem & R&D Footprint

6.1 Allianz X corporate investment structure

Allianz X GmbH describes itself as Allianz Group’s strategic investment arm and identifies its activities as investment in growing digital and financial-services companies.¹⁷

Its October 2026 portfolio includes financial technology, enterprise software, artificial intelligence, cybersecurity and digital insurance businesses.^{8, 17}

Act record: Allianz X GmbH is the investing entity; its named portfolio companies are recipients of investment; the disclosures appear on allianzx.com; the investment programme was publicly observable before October 2026 and remained represented as active on 27 October 2026; individual holdings and exit dates differ by company.^{8, 17}

6.2 Fundbox - Israeli-founded financial technology

An October 2022 CTech report identifies Fundbox as Israeli-founded, names Eyal Shinar, Yuval Ariav and Tomer Michaeli as founders, and describes employment in Israel and the United States.⁷

The same report identifies Allianz X among Fundbox’s investors.⁷

Allianz X’s current portfolio describes Fundbox as a B2B payments and credit company using machine learning and transactional-data analysis.⁹

Fundbox’s corporate website also lists Allianz among its investors.¹⁶

Act record: Allianz X GmbH is the investor and Fundbox is the technology-sector recipient; public evidence appears on allianzx.com, fundbox.com and calcalistech.com; the investor relationship was independently reported by 25 October 2022 and remained publicly represented in October 2026; the initial investment date, ownership percentage and contractual investment duration were not established.^{7, 9, 16}

The examined documents establish an investment in an Israeli-founded technology company but do not establish that Allianz SE operates Fundbox’s Israeli engineering facilities.^{7, 9}

6.3 Lemonade - historical AI-insurance investment

Lemonade announced Allianz’s strategic investment on 20 April 2017 [pre-2020], identifying AI-enabled insurance as its business focus.¹⁵

Allianz X’s October 2026 portfolio marks Lemonade as an exited investment.⁸

Act record: Allianz was the investor and Lemonade the investment recipient; the transaction was announced by Lemonade through prnewswire.com; earliest observation 20 April 2017; latest reviewed ownership-status observation October 2026; the investment has ended according to Allianz X’s portfolio classification, although the exit date and consideration were not disclosed in the examined source.^{15, 8}

6.4 NEXT Insurance - investment and subsequent ownership exit

On 1–2 November 2023, NEXT Insurance and Allianz disclosed a strategic transaction involving a $265 million financing round supported by Allianz X and Allstate.^{18, 19}

The parties also described a multiyear reinsurance relationship involving Allianz Re and NEXT Insurance.^{18, 20}

On 1 July 2025, ERGO Group announced completion of Munich Re Group’s full acquisition of NEXT Insurance.²¹

Munich Re’s corporate transaction register independently lists the 2025 acquisition.²²

Allianz X’s current investment portfolio identifies NEXT Insurance as exited.⁸

Act record: Allianz X GmbH invested in NEXT Insurance, while Allianz Re was the separately named reinsurance counterparty; the original investment and partnership were disclosed through allianz.com and nextinsurance.com; earliest observation 1 November 2023; the subsequent ownership transfer was publicly confirmed on 1 July 2025; Allianz X’s investment is classified as exited, but the precise conclusion date of Allianz Re’s reinsurance commitment was not established.^{18, 19, 20, 21}

6.5 Coalition - cybersecurity

Allianz X’s portfolio identifies Coalition as a business combining cyber insurance with security products including vulnerability monitoring, threat intelligence and security alerts.¹⁰

Act record: Allianz X GmbH is the named portfolio investor and Coalition is the investment recipient; disclosure channel allianzx.com; relationship visible on 27 October 2026; exact original investment and disposal dates were not established from the examined company profile.¹⁰

6.6 SandboxAQ - enterprise AI

Allianz X’s portfolio identifies SandboxAQ as an enterprise AI and quantum-technology company.¹¹

Act record: Allianz X GmbH is the portfolio investor; SandboxAQ is the recipient; channel allianzx.com; observed as a portfolio company in October 2026; investment timing, size and duration were not established.¹¹

6.7 Israeli research facilities

No public evidence identified establishing an Allianz SE-owned Israeli AI laboratory, cybersecurity research centre, engineering facility or innovation accelerator in the examined corporate-investment and technology disclosures.^{9, 8, 17}

The reported Israeli staffing at Fundbox concerns an independently operating portfolio company and does not, by itself, establish an Allianz-operated research facility.^{7, 9}

6.8 Israeli academic partnerships and intellectual property

No public evidence identified establishing a named Allianz technology-licensing, patent-assignment or AI co-development agreement with Technion, Hebrew University or the Weizmann Institute in the reviewed corporate technology and investment records.^{9, 8, 11}

6.9 Ownership and controlling principals

Allianz SE reported that its shares were held entirely in free float at 31 December 2025, while its shareholder website describes the German voting-rights notification framework.²³

The reviewed shareholder disclosure did not identify a shareholder holding 10% or more of Allianz SE’s voting rights.²³

Allianz SE’s Board of Management directory identifies Oliver Bäte as Chief Executive Officer and names the principal functional executives.²⁴

An independent Allianz SE executive directory identifies Jörg Schneider as Chairman of the Supervisory Board from 2026.²⁵

Named-principal research record

• Oliver Bäte - Allianz SE CEO; Israeli cyber, surveillance, military-technology and personal-investment links considered; no public evidence identified in the reviewed governance and investment materials.^{24, 17}
• Jörg Schneider - Allianz SE Supervisory Board Chairman; Israeli defence-technology directorships and personal investments considered; no public evidence identified in the reviewed governance materials.²⁵
• Barbara Karuth-Zelle - Allianz SE operations and technology executive; Israeli enterprise-software procurement and investment links considered; no public evidence identified in the reviewed management and partnership materials.^{24, 1}
• Claire-Marie Coste-Lepoutre - Allianz SE finance executive; Israeli technology-sector equity interests considered; no public evidence identified in the reviewed governance and investment materials.^{24, 17}
• Günther Thallinger - Allianz SE investment-management executive; Israeli technology investments and personal venture interests considered; no public evidence identified in the reviewed management and Allianz X materials.^{24, 17}
• Sirma Boshnakova - Allianz SE Board of Management member; Israeli technology-business and military-industry links considered; no public evidence identified in the reviewed governance materials.²⁴
• Klaus-Peter Röhler - Allianz SE Board of Management member; Israeli cyber and defence-technology links considered; no public evidence identified in the reviewed governance materials.²⁴
• Christopher Townsend - Allianz SE Board of Management member; Israeli military-technology and investment links considered; no public evidence identified in the reviewed governance materials.²⁴
• Renate Wagner - Allianz SE Board of Management member; Israeli technology investment and acquisition links considered; no public evidence identified in the reviewed governance materials.²⁴
• Andreas Wimmer - Allianz SE Board of Management member; Israeli technology investment and financial-services technology links considered; no public evidence identified in the reviewed governance materials.²⁴

Named group-entity research record

• Allianz SE - listed parent and primary audit target; technology procurement, investment, cloud infrastructure and Israel-related digital contracts considered; verified Microsoft partnership and group technology investments.^{23, 1, 17}
• Allianz X GmbH - Allianz Group strategic investment arm; Israeli-founded investees and cybersecurity technology investments considered; verified Fundbox, historical Lemonade and NEXT Insurance investments, and broader cybersecurity and AI portfolio relationships.^{7, 15, 18, 17}
• Allianz Re - Allianz reinsurance business identified in the NEXT transaction; Israel-linked technology and reinsurance relationships considered; verified NEXT reinsurance relationship, with current termination status unresolved.^{18, 20}
• Allianz Global Corporate & Specialty - Allianz corporate-insurance business; cloud and digital-risk contracts considered; verified Google Cloud and Munich Re cyber-risk partnership.^{3, 4}
• Allianz Partners - group assistance and insurance entity; international data processing and Israeli data-residency exposure considered; international transfers disclosed, with no specific Israeli processing location established.¹³
• Allianz Trade - group trade-credit-insurance business; international processing and Israeli technology-service exposure considered; no public evidence identified in the accessible replacement source independently establishing Allianz Trade-specific processing arrangements or an Israeli technology contract.¹⁴
• PIMCO - Allianz asset-management subsidiary; Israeli technology-sector investment and digital procurement considered; no direct technology-supply contract established in the reviewed group technology disclosures.^{8, 17}
• Allianz Global Investors - group investment-management business; Israeli technology-sector investment and service relationships considered; no direct Israeli military digital-services contract established in the reviewed group technology disclosures.^{8, 17}
• Syncier - Allianz-founded insurance-technology platform company; cloud procurement and digital-services activity considered; verified Microsoft Azure-related insurance-platform relationship announced in 2019.¹
• Allianz Business System - Allianz insurance-platform system rather than a separate corporate entity; cloud technology and data-processing arrangements considered; verified planned migration of core components to Microsoft Azure.¹

Allianz SE’s Supervisory Board was chaired by Dr. Jörg Schneider on 27 October 2026. He succeeded Michael Diekmann following the Annual General Meeting on 7 May 2026. Allianz’s governance disclosures identify Schneider’s election as Chairman in May 2026, following his initial appointment to the Supervisory Board in May 2024. Independent reporting subsequently identifies Schneider as Chairman in 2026. This confirms the existing statement in section 6.9, “An independent Allianz SE executive directory identifies Jörg Schneider as Chairman of the Supervisory Board from 2026,” and establishes the succession timing more precisely.^{26, 27}

Michael Diekmann chaired Allianz SE’s Supervisory Board from 7 May 2017 until the conclusion of the Annual General Meeting on 7 May 2026. Allianz SE’s original 2017 Annual Report explicitly records Diekmann as Chairman from 7 May 2017 and his predecessor, Dr. Helmut Perlet, as Chairman until 6 May 2017. Allianz’s 2026 succession disclosures establish Diekmann’s departure at the close of the 7 May 2026 AGM, after which Schneider assumed the chairmanship. Schneider’s chairmanship therefore commenced in May 2026 and remained current on the research date, 27 October 2026. These findings supplement the existing section 6.9 governance record; no correction to its identification of Schneider as the current Chairman is required.^{26, 27, 28}

Civil Society Scrutiny & Regulatory History

7.1 United Nations settlement-company database

The OHCHR business-enterprise database concerns companies involved in specified activities supporting Israeli settlements, including supplying surveillance and identification systems.²⁹

A September 2026 update, reported by Business & Human Rights Resource Centre, described a database containing 214 companies from 11 countries.³⁰

No public evidence identified in the reviewed database description and update establishing Allianz SE as a specifically named settlement-surveillance technology supplier.^{29, 30}

7.2 AFSC Investigate

AFSC Investigate describes a research methodology based on independently verified information from company records, government records, human-rights investigations and other sources.³¹

The methodology explains that its database is selective and does not include every company doing business in Israel.³¹

No Allianz-specific digital-technology contract was established through the reviewed AFSC methodology material.³¹

7.3 Who Profits

Who Profits maintains a corporate database covering commercial involvement in the Israeli occupation economy and describes research areas involving settlements, population control and economic exploitation.³²

No Allianz-specific technology-supply finding was established from the reviewed Who Profits database entry point.³²

7.4 Boycott and divestment frameworks

The BDS Movement’s public divestment guidance identifies AFSC Investigate, Who Profits, United Nations settlement-company records and Don’t Buy Into Occupation resources as relevant corporate-research databases.³³

No public evidence identified in the reviewed BDS guidance documenting a named campaign specifically targeting Allianz’s provision of Israeli military technology or surveillance platforms.³³

7.5 Technology-related legal or regulatory proceedings

No public evidence identified establishing a regulatory enforcement action, sanctions proceeding or export-control penalty against Allianz SE for supplying digital-surveillance or offensive-cyber technology to Israeli state institutions in the examined corporate, technology-partnership and civil-society records.^{1, 3, 29, 31}

7.6 Temporal evidence and constructive-notice periods

The Allianz X–NEXT Insurance investment and Allianz Re partnership were publicly announced in November 2023, before 19 July 2024.^{18, 20}

ERGO’s July 2025 completion announcement and Allianz X’s subsequent exited-investment classification establish that the earlier NEXT ownership position should not be assumed to remain current.^{8, 21}

Allianz X’s October 2026 portfolio continued to list Fundbox as a technology-sector investment, while the examined materials did not establish a direct Israeli military or settlement-technology application for that investment.^{9, 16}

The reviewed Microsoft and Google Cloud disclosures establish historical commercial technology partnerships but do not establish an Israeli government technology supply contract continuing after July or November 2024.^{1, 3}

7.7 Public communications and audience

The 2017 Lemonade investment announcement was publicly distributed through PR Newswire to the financial and technology-news audience and remains accessible as an archival corporate communication; its exact audience reach and the duration of any paid distribution were not disclosed.¹⁵

The 2019 Allianz–Microsoft announcement was published on Microsoft’s public corporate-news domain, addressing insurance-industry customers and the wider public; it remained accessible during October 2026, although the precise publication-audience reach was not disclosed.¹

The March 2021 Google Cloud, Allianz and Munich Re announcements were published on corporate news and product-information websites for cloud customers, insurance buyers and the wider public; their pages remained accessible during October 2026, while the original distribution reach was not disclosed.^{3, 4, 5}

The November 2023 NEXT transaction was publicly communicated through Allianz and NEXT corporate channels and subsequently contextualised by ERGO’s July 2025 acquisition announcement; the exact reach of these communications was not disclosed.^{18, 19, 21}