Milan’s InsurTech firm Prima Assicurazioni proclaims that the Axa Group – a pacesetter within the insurance coverage sector, with 154,000 workers and 95 million clients throughout 50 nations – has signed an settlement to amass 51% of the corporate’s share capital.
This settlement will lead to a consideration of €500 million. As a part of the transaction, Prima’s current shareholders Blackstone, Goldman Sachs Alternate options, and Carlyle’s World Credit score platform will exit their funding – Neurone will stay a related shareholder of Prima.
“This is a vital milestone which marks a big recognition of the work carried out to this point by your complete Prima Assicurazioni workforce and of the standard of what Prima has constructed over its first 10 years of life,” stated George Ottathycal, CEO of Prima Assicurazioni.
Based in 2015, Prima Assicurazioni claims to be the net motor insurance coverage market chief in Italy by absolutely digitalising the insurance coverage worth chain by proprietary tech platforms and superior knowledge analytics. Prima has since expanded its providing to incorporate Dwelling and Household insurance coverage and is working towards turning into a one-stop store for insurance coverage merchandise.
The corporate boasts 4.2 million clients and €1.3 billion Group Gross Written Premium (1.2 billion in Italy), rising by 47% year-over-year (+46% in Italy), and producing a Group Ebitda of €104 million.
In the present day, Prima has a workforce of over 1,200 workers, with headquarters in Milan and places of work in Rome, London and Madrid, in addition to a community of over 1,500 multi-tied brokers throughout Italy.
“We’re delighted to turn out to be a part of the Axa Group. Axa strongly believes in our strategic plan and can present property and experience which is able to allow Prima to additional unlock its potential, leveraging experience with a number one international insurance coverage Group. Prima contributes a portfolio of practically 5 million clients and deep experience in know-how growth, pricing, and claims administration – all key parts which have enabled us to turn out to be one of many main motor insurance coverage gamers in Italy,” added Ottathycal.
The Axa Group will turn out to be the bulk shareholder of Prima, in addition to an industrial accomplice that may help the corporate in accelerating its strategic progress plan. The transaction will allow the Axa Group to additional strengthen its place within the Italian market and leverage Prima’s superior know-how capabilities.
Along with this, Prima has introduced the launch of its direct on-line gross sales channel in Spain, marking a strategic step in its growth throughout the nation. Beforehand, the InsurTech distributed its motor insurance coverage solely by digital comparability platforms resembling Rastreator, Acierto, and Check24. Now, clients in Spain can buy insurance coverage insurance policies instantly through Prima’s web site.
The corporate defined that this new platform responds to rising demand for less complicated, extra clear, and extra environment friendly buying experiences. Prima additionally famous that it has tripled its premium quantity in Spain over the previous two years, reaching €20 million in 2024, with expectations to double that determine to round €44 million by 2025.
