Italian insurance coverage startup Prima Assicurazioni is searching for indicative presents 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 boost extra funds and entice a brand new minority accomplice.
Prima Assicurazioni could possibly be valued at round €1bn ($1.1bn) within the deal, the sources added.
Prima has been approaching potential personal fairness buyers to offer funding to assist its enlargement plans.
The sources additionally acknowledged that the corporate’s current shareholders may divest part of their holdings to boost the capital.
Prima co-founder Teodoro D’Ambrosio is the group’s largest shareholder. Different shareholders embody Blackstone, Goldman Sachs, and Carlyle, in response to a Prima spokesperson.
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The choice by the Italian insurtech to dump its stake was made within the face of inauspicious market circumstances and a drop in personal fairness actions.
Earlier this 12 months, citing Italian press, Reuters reported that Prima Assicurazioni chosen bankers at monetary providers firm JPMorgan to boost financing.
In Might 2023, Prima Assicurazioni named Matthew Donaldson as the brand new president of the board of administrators.
Based in 2015, Prima Assicurazioni presents on-line motor and residential insurance coverage merchandise in partnership with Munich Re and Swiss Re.
In Italy, Prima controls almost a 3rd of the nation’s on-line motor insurance coverage market.
The corporate, which units quotes for its companions’ insurance policies utilizing know-how resembling huge knowledge analytics, can also be planning to broaden its operations into Spain and Britain.
