Italian InsurTech platform Prima Assicurazioni joins Axa Group, as global insurer takes 51% stake

Milan’s InsurTech company Prima Assicurazioni announces that the Axa Group – a leader in the insurance sector, with 154,000 employees and 95 million customers across 50 countries – has signed an agreement to acquire 51% of the company’s share capital.

This agreement will result in a consideration of €500 million. As part of the transaction, Prima’s existing shareholders Blackstone, Goldman Sachs Alternatives, and Carlyle’s Global Credit platform will exit their investment – Neurone will remain a relevant shareholder of Prima.

“This is an important milestone which marks a significant recognition of the work carried out so far by the entire Prima Assicurazioni team and of the quality of what Prima has built over its first 10 years of life,” said George Ottathycal, CEO of Prima Assicurazioni.

Founded in 2015, Prima Assicurazioni claims to be the online motor insurance market leader in Italy by fully digitalising the insurance value chain through proprietary tech platforms and advanced data analytics. Prima has since expanded its offering to include Home and Family insurance and is working toward becoming a one-stop shop for insurance products.

The company boasts 4.2 million customers and €1.3 billion Group Gross Written Premium (1.2 billion in Italy), growing by 47% year-over-year (+46% in Italy), and generating a Group Ebitda of €104 million.

Today, Prima has a team of over 1,200 employees, with headquarters in Milan and offices in Rome, London and Madrid, as well as a network of over 1,500 multi-tied agents across Italy.

“We are delighted to become part of the Axa Group. Axa strongly believes in our strategic plan and will provide assets and expertise which will enable Prima to further unlock its potential, leveraging expertise with a leading global insurance Group. Prima contributes a portfolio of nearly 5 million customers and deep expertise in technology development, pricing, and claims management – all key elements that have enabled us to become one of the leading motor insurance players in Italy,” added Ottathycal.

The Axa Group will become the majority shareholder of Prima, as well as an industrial partner that will support the company in accelerating its strategic growth plan. The transaction will enable the Axa Group to further strengthen its position in the Italian market and leverage Prima’s advanced technology capabilities.

In addition to this, Prima has announced the launch of its direct online sales channel in Spain, marking a strategic step in its expansion across the country. Previously, the InsurTech distributed its motor insurance exclusively through digital comparison platforms such as Rastreator, Acierto, and Check24. Now, customers in Spain can purchase insurance policies directly via Prima’s website.

The company explained that this new platform responds to increasing demand for simpler, more transparent, and more efficient purchasing experiences. Prima also noted that it has tripled its premium volume in Spain over the past two years, reaching €20 million in 2024, with expectations to double that figure to around €44 million by 2025.

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