PARIS (dpa-AFX) - Axa SA (AXAHY.PK), a French insurance and asset company, said on Friday that it has inked a deal to acquire Prima Assicurazioni, an Italian insurance firm.
Under the terms, Axa will acquire 51% of the company for EUR 0.5 billion. The transaction is expected to close by the end of 2025.
Patrick Cohen, CEO of Axa European Markets & Health, said: 'We are excited to announce the acquisition of Prima, which will not only significantly enhance our position in the Italian P&C market but also bring capabilities to strengthen our direct business in European markets.'
Post transaction, Prima is expected to strengthen Axa's position in Italy by almost doubling the size of its motor business. In addition, Prima will bolster the acquirer's position in the direct distribution channel, which generated EUR 3.5 billion in premiums for the Group in 2024.
Headquartered in Milan, Prima operates as a managing general agent and employs over 1,100 professionals. The company has recently launched direct operations in the UK and Spain.
For 2024, Prima had reported gross written premiums of EUR 1.246 billion with a net profit of EUR 87 million in Italy.
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