Prima Assicurazioni reportedly trying to divest stake in enterprise

Italian insurance coverage start-up Prima Assicurazioni is looking for indicative provides from potential events for a minority stake within the firm, reported Reuters, citing two undisclosed sources.

The transfer comes as the corporate appears to be like to lift extra funds and appeal to a brand new minority companion.

Prima Assicurazioni could possibly be valued at round €1bn ($1.1bn) within the deal, the sources added.

Prima has been approaching potential non-public fairness buyers to offer funding to help its enlargement plans.

The sources additionally said that the corporate’s present shareholders may divest part of their holdings to lift the capital.

Prima co-founder Teodoro D’Ambrosio is the group’s largest shareholder. Different shareholders embrace Blackstone, Goldman Sachs and Carlyle, in accordance with a Prima spokesperson.

The choice by the Italian insurtech firm to dump its stake was made within the face of adverse market circumstances and a drop in non-public fairness actions.

Earlier this yr, citing Italian press, Reuters reported that Prima Assicurazioni chosen bankers at monetary companies firm JPMorgan to lift financing.

In Might 2023, Prima Assicurazioni named Matthew Donaldson as the brand new president of the board of administrators.

Based in 2015, Prima Assicurazioni provides on-line motor and residential insurance coverage merchandise in partnership with Munich Re and Swiss Re.

In Italy, Prima controls practically a 3rd of the nation’s on-line motor insurance coverage market.

The corporate, which units quotes for its companions’ insurance policies utilizing expertise similar to large information analytics, can be planning to increase its operations into Spain and Britain.

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