Shuttered Italian grocer's property finds familiar buyer
The Hill storefront of Italian grocer John Viviano & Sons, which closed Saturday, has been acquired by nearby DiGregorio's Italian Market.
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Business Upturn
2 hours ago
- Business Upturn
Ageas Re partners with Slovenian insurer Triglav Group in connection with the Motor insurance business distributed by Italian Insurtech Prima
Ageas Re partners with Slovenian insurer Triglav Group in connection with the Motor insurance business distributed by Italian Insurtech Prima Today, Ageas Re, the reinsurance arm of Ageas Group, concluded a reinsurance agreement with Slovenian insurer Triglav Group in connection with the partnership entered into by Triglav Group with leading Italian direct Motor insurance distributor, Prima Assicurazioni S.p.A. (Prima), with the objective to expand its business portfolio and to contribute to the Ageas's Elevate27 profitable growth ambitions. Under to the agreement, Ageas Re takes an 80% Quota Share on the Prima business underwritten by Triglav Group in 2025, commencing in the coming weeks. Prima is a rapidly growing, profitable insurance distributor that began distributing personal lines policies, mainly Motor, in 2015. Since then, it has become the number 1 in the Italian Direct Motor business. In 2024, the company generated EUR 1.3 billion gross written premiums, servicing over 4 million customers, and EUR 104 million Group EBITDA. This agreement is in perfect alignment with Ageas's Elevate27 strategy to achieve profitable growth in an attractive European Non-Life market. The Italian Motor insurance market generates premiums in excess of EUR 15 billion, with consistent profitability. Through this partnership, Ageas Re teams up with a tech-driven, local champion, with proven track record, providing immediate market entry with considerable scale. Ageas Re anticipates inflows from this transaction in excess of EUR 500 million in 2025 and a Net Operating Result of around EUR 15 million, spread over 2025 and 2026. The impact on Group Solvency is estimated to be no more than -4 points in 2025. 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.' Joachim Racz, CEO of Ageas Re continued: '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 said: '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, commented: '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.' Ageas is a Belgian rooted listed international insurance Group with a heritage spanning of 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Türkiye, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 50,000 people and reported annual inflows of EUR 18.5 billion in 2024. Prima Assicurazioni is an insurtech company operating as a specialized insurance agency in the automotive, home, and family sectors, serving over 4 million clients. It has revolutionized the Italian insurance market through innovation, technology, and a data-driven strategy. Thanks to unprecedented growth over its 10-year history, Prima's evolving business model has enhanced the user experience, offering competitive pricing and fostering greater market competition. A leader in Italy's online motor insurance sector, Prima also operates a nationwide network of agents. Since 2022, the company has expanded into the United Kingdom and Spain. For 125 years, the Triglav Group has earned the trust of clients and other stakeholders through its expertise, experience, and financial strength. It is the largest insurance-financial group in the Adria region and one of the leading groups in Southeast Europe. The Group operates in six countries, with broader international presence through insurance and reinsurance activities. Insurance and asset management are the two main pillars of its operations. The Group employs more than 5,000 people. Its mission is to create a safer future. The core values of the Group are responsiveness, simplicity, and reliability. Its vision is focused on strengthening its identity and recognition as an international insurance-financial group. Through sustainable operations, it provides a development-oriented environment for employees, maintains strong partnerships, and represents a stable, secure, and profitable investment for shareholders. The parent company of the Triglav Group is Zavarovalnica Triglav, a Prime Market issuer on the Ljubljana Stock Exchange. Attachment Pdf version of the press release Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
Yahoo
2 hours ago
- Yahoo
Liverpool could complete SENSATIONAL swap deal for Julian Alvarez
Liverpool are planning to upgrade their attacking options in the summer transfer window. We have already seen the club make a bid for Bayer Leverkusen playmaker Florian Wirtz - with a resolution hopefully expected before long. But Arne Slot and sporting director Richard Hughes won't stop there. There are plans to bring other attackers on board - including a new face at No9. Advertisement Departures are inevitable with centre-forward options Diogo Jota and Darwin Nunez available for the right price. But players on the wing could leave too as Hughes and Slot set about assembling a summer transfer war-chest. Luis Diaz has been linked with Barcelona although Al-Nassr now appear ready to test Liverpool's resolve for the Colombian. Ben Doak is attracting attention from within the Premier League and could be on the move to Everton in their new stadium. Chiesa linked with Anfield exit And Federico Chiesa could also be on the move after a single season on Merseyside. The Italian winger, 27, hasn't enjoyed a successful season on a personal level. Advertisement He played just over 100 minutes in the Premier League, appearing in 14 matches for Arne Slot overall. With the 2026 World Cup on the horizon, Chiesa is said to be desperate to win his place back in the Italy squad. It's going to be difficult if he remains on the fringes at Liverpool - and so Chiesa could be moving on this summer. Napoli are thought to be keen in Serie A but a new report in Spain describes Chiesa as a 'golden opportunity' for Atletico Madrid. © IMAGO - Arne Slot Federico Chiesa Liverpool 2024-25 Atletico want Chiesa Despite signing Antoine Griezmann to a new contract, it seems as though Diego Simeone is keen to bolster his attacking options. Advertisement And the name of Chiesa has been presented to club bosses by sporting director Carlos Bucero according to AS. Maybe Atletico are making plans to offload an attacker - perhaps Liverpool-linked Julian Alvarez - although it must be added that the Argentine and Chiesa are very different players. But maybe a cash-plus-player deal might suit both parties? It's hard to see Chiesa making the breakthrough at Anfield - particularly with Mohamed Salah ahead of him in the queue - and a move to pastures new could be just what he needs to kick-start his career.
Yahoo
3 hours ago
- Yahoo
Prada acquires 10% stake in Italian leather group Rino Mastrotto
MILAN (Reuters) - Prada said on Thursday it acquired a 10% stake in Italian leather group Rino Mastrotto, as the luxury group aims to tighten its grip over the production process. Under the deal, Prada will confer to Rino Mastrotto two tanneries - Italy's Conceria Superior and France's Tannerie Limoges - and said it will make a cash investment, without specifying the figure. "Investing in Rino Mastrotto allows our group to strengthen its control over a highly strategic phase of the production process", Prada's Chairman Patrizio Bertelli said in a statement. Rino Mastrotto, backed by private equity firm Renaissance Partners, produces leather for the luxury, automotive and interior design sectors. Sign in to access your portfolio
