(Finance) – The Board of Directors of Revo Insuranceparent company of the Revo Insurance Group, has approved the rolling plan 2024-2027, which confirms the main development areas of the project along the following strategic lines: Strengthening relationships with intermediaries; Market analysis to search for new distribution opportunities; Increase in cross-selling activity between specialty lines and parametric products; Further enrichment of the OverX platform and increase in use; Maintaining high capital solidity; Continuation of development projects in the ESG area.
In this context and following the analyzes conducted, the Company’s Board of Directors resolved to start the functional process
toopening of a secondary office in Spain.
The specialty line market in Spain has recorded interesting growth rates over the last few years, in particular in the market niches already covered by REVO in Italy. The implementation of the project was entrusted to Fernando Lara, a manager with proven experience who has already held top roles in large international insurance groups present in Spain.
The objective of the “REVO Iberia” project is to exploit not only the commercial relationships already in place with the large international brokers, with which the Company operates in Italy, but to open up its distribution model to local intermediaries, including small ones. At the same time, the project will allow us to optimize the investments already made for the development of OverX and to identify possible development opportunities in the parametric field, benefiting from the skills acquired by the Italian team. The business activity in Spain will initially focus on some strategic lines such as Financial Lines and Sureties, a branch in which the Company is already a leader in Italy, with a progressive extension that aims to guarantee the Iberian market a complete offer similar to the national one .
The operation of establishing the secondary office, which is subject to obtaining authorizations from IVASS, will be completed by the end of 2024; in the meantime, on the one hand REVO will activate the functional measures to allow rapid growth of the business following the authorization process, on the other it will continue during 2024 with the subscription activity under the freedom to provide services regime.
This operation allows the Group to add a further important strategic element for the development of Revo Insurance,
pursuing a logic of greater business diversification at an international level.
In the context of the approval of the rolling plan, the REVO Board of Directors took note of the value of the premiums generated during the 2023 financial year, with premium income of 216 million euros, a result significantly higher than the initially expected target ( approximately 180 million).