Ageas Re, the reinsurance arm of Ageas Group, has finalized a reinsurance agreement with Slovenian insurer Triglav Group involving the motor insurance business distributed by Italian insurtech firm Prima Assicurazioni S.p.A.
The partnership supports Triglav Group’s expansion strategy and aligns with Ageas’s Elevate27 growth initiative.
Under the terms of the agreement, Ageas Re will assume an 80% quota share of the motor insurance business underwritten by Triglav Group for policies distributed by Prima, with the arrangement set to begin in the coming weeks and cover the 2025 underwriting year.
Prima, which began operations in 2015, distributes personal lines policies primarily focused on motor insurance. The company has grown to become the leading direct motor insurance distributor in Italy.
In 2024, Prima reported €1.3 billion in gross written premiums and €104 million in group EBITDA, serving over 4 million customers.
The Italian motor insurance market, which generates more than €15 billion in premiums annually, remains an attractive segment with consistent profitability. Through this transaction, Ageas Re gains access to the Italian market by partnering with a tech-driven insurance distributor with an established customer base and operational scale.
“Along with the entire Ageas Re team, I look forward to establishing a successful collaboration, offering high-quality insurance products to the Italian customer distributed by Prima. We would also like to thank Howden Re for the excellent management of the process and transaction,” said Joachim Racz, CEO of Ageas Re.
Ageas Re said that it expects to generate over €500 million in inflows from the transaction in 2025 and projects a net operating result of approximately €15 million, distributed between 2025 and 2026. The anticipated impact on the Ageas Group’s solvency position is estimated at no more than -4 points in 2025.
Ageas Re has expanded its portfolio in recent years to include casualty reinsurance, particularly in the motor third-party liability sector. This diversification effort aligns with its strategy to balance its business mix and support broader growth targets, such as those outlined in its Elevate27 plan.
As part of its efforts to increase its presence in core markets, Ageas Re also established a new office in Zurich. The Zurich branch enhances its ability to provide direct reinsurance contracts in key European regions, expanding beyond its initial focus areas and supporting closer proximity to clients.
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