The US investment bank and some funds headed by the Blackstone Group have announced a maxi investment in Prima Assicurazioni, an Italian startup of online insurance, specializing in auto policies and which in just three years from its foundation boasts a portfolio of 250.000 customers and a multi-year partnership with the German Munich RE, the largest reinsurer in the world. The two majority shareholders, the founder Alberto Genovese (CEO of Prima and previously founder of Facile.it in 2008), together with the shareholder Teodoro D'Ambrosio, maintain the majority, even if the two new shareholders will have seats on the company's Board of Directors. The capital injected will feed Prima's growth plan, which is focused on investing in new technologies, hiring talented managers and staff, and marketing and communication activities.
“Prima Assicurazioni has been able to quickly position itself as one of the leading operators in the online motor insurance market, creating immense value for its customers,” he commented. Christian Resch, Managing Director of Golman Sachs. “We are ready to support Prima's management in giving continuity to this formidable growth path”. Qasim Abbas, Senior Managing Director of Blackstone Tactical Opportunities, said: “We are proud to have invested in Prima. It is an exceptional company with an excellent market position and very high growth potential. We look forward to being alongside the Prima team in achieving future goals.”
Andreas Moser, CEO of Munich RE Italia also spoke in the note issued by the company: “The entry of two shareholders such as Goldman Sachs and Blackstone is the highest recognition for a successful reality on which we have bet, as industrial partners, since the birth in 2015”. "We have come to be one of the main insurance players - said CEO Alberto Genovese instead - online thanks to a team of exceptional people and the use of the most innovative technologies, we will use new capital to accelerate investments in both of these areas ”. The two new shareholders will also have two seats on the Board of Directors of Prima Assicurazioni, which also includes George Ottathical, partner and General Manager of the company. Legal assistance for the transaction was provided by Chiomenti and Orrik for Prima, White&Case for Goldman Sachs and Slaughter & May for Blackstone.
