Milan-based InsurTech company Prima Assicurazioni has announced that the Axa Group will acquire 51% of its share capital. This deal is valued at €500 million, leading to the exit of current shareholders Blackstone, Goldman Sachs Alternatives, and Carlyle’s Global Credit platform, with Neurone remaining a significant shareholder.
Prima’s CEO, George Ottathycal, emphasized the milestone’s importance, highlighting the company’s achievements over the past decade. Established in 2015, Prima Assicurazioni is Italy’s online motor insurance leader, leveraging proprietary technology and data analytics. The company’s offerings now include Home and Family insurance, aiming to become a comprehensive insurance provider.
With 4.2 million customers and a Group Gross Written Premium of €1.3 billion, Prima saw a 47% growth in the past year, generating a Group Ebitda of €104 million. The company employs over 1,200 personnel across locations in Milan, Rome, London, and Madrid, supported by a network of over 1,500 multi-tied agents in Italy.
Reflecting on the acquisition, Ottathycal expressed enthusiasm about joining Axa Group, anticipating the additional resources and expertise from a global leader in insurance. Axa aims to bolster its position in Italy and benefit from Prima’s technological strengths.
Moreover, Prima has initiated a direct online sales channel in Spain, expanding beyond third-party digital platforms like Rastreator and Check24. This new platform meets growing demands for straightforward and transparent purchasing, with Prima aiming to double its Spanish premium volume to €44 million by 2025, following a significant increase to €20 million in 2024.