Ageas Re, the reinsurance division of international insurance group Ageas, has completed a reinsurance agreement with Slovenian insurer Triglav Group in connection with the motor insurance business distributed by Italian Insurtech Prima.
This partnership is linked with Triglav Group’s collaboration with Italian direct Motor insurance distributor, Prima Assicurazioni S.p.A., with the objective to expand its business portfolio and to contribute to the Ageas’s Elevate27 profitable growth ambitions.
Under the terms of the agreement, Ageas Re is to assume an 80% quota share of the Prima business underwritten by Triglav Group in 2025, with the arrangement set to start in the coming weeks.
Ageas Re anticipates significant financial inflows from this transaction, projected to exceed EUR 500 million in 2025. The Net Operating Result is estimated to be around EUR 15 million, spread across 2025 and 2026. The impact on Ageas Group Solvency is expected to be minimal, no more than -4 points in 2025.
According to the announcement, this collaboration is a perfect fit for Ageas’s Elevate27 strategy, which targets profitable growth within the European non-life markets. The Italian Motor insurance market alone generates premiums in excess of EUR 15 billion, with consistent profitability.
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Hans De Cuyper, CEO of Ageas, stated: “The agreement with Triglav Group aligns well with many aspects of our newly launched strategy, Elevate27. This collaboration enables us to enter a promising European growth market in Non-Life insurance and achieve profitable growth through a partner with a strong market position.”
By partnering with Prima, a rapidly growing, profitable insurance distributor, Ageas Re gains considerable scale and access to the market.
Joachim Racz, CEO of Ageas Re, said: “I am pleased to announce this partnership. 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.”
George Ottathycal, CEO of Prima, commented: “Prima Assicurazioni has experienced remarkable growth in the Italian motor insurance market, surpassing 4 million active customers in just ten years. This success is the result of our sophisticated and rigorous pricing and underwriting, outstanding user experience, and, most importantly, our carefully selected strategic partners who fully align with our cutting-edge, technology- and data-driven business model.
“Not only will the solidity and trust of the new partners Triglav Group and Ageas Re further expand our growth, but will also deliver significant value to our entire network of agents and brokers—and, above all, to our customers.”
Andrej Slapar, President of the Management Board of Zavarovalnica Triglav, added: “Our strategic ambition is to grow beyond existing markets and enhance Triglav Group’s international recognition. The Italian motor insurance market presents a strong opportunity to support this goal, and we are pleased to be working with well-established partners Prima and Ageas Re. The Triglav Group will continue to explore opportunities for further growth and for delivering on the other objectives set out in our strategy.”
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