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

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

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

Prima has been approaching potential non-public fairness traders to supply funding to assist its growth plans.

The sources additionally said that the corporate’s current shareholders might 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, based on a Prima spokesperson.

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

Earlier this 12 months, citing Italian press, Reuters reported that Prima Assicurazioni chosen bankers at monetary companies firm JPMorgan to lift financing.

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

Based in 2015, Prima Assicurazioni affords 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 know-how akin to large knowledge analytics, can also be planning to broaden its operations into Spain and Britain.

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