Prima Assicurazioni, an insurance start-up backed by some of the world’s largest private equity firms including Blackstone, is looking to sell a minority stake to an investor to raise fresh cash for the business, according to a report by Reuters.
The report sites two unnamed sources close to the matter as revelling that a deal could value Prima Assicurazioni, which sells online motor and home insurance policies supplied by third parties, at around €1.1bn.
Milan-based Prima, which has been employing big data analytics to grow its business, saw premiums increase by 31% last year to €660m, according to the company, and has been speaking to private equity investors over an injection of capital to fund further growth.
According to Reuters’ sources, existing shareholders may sell a slice of their holdings as part of the capital increase.
Co-founder Teodoro D’Ambrosio is the group’s largest shareholder, with Blackstone, Goldman Sachs, and Carlyle also holding stakes, a Prima spokesperson confirmed.