Italian insurer Revo's parametric premiums reached 400,000 euros in 2024

By Henry Gale

March 13 - (The Insurer) - Italy's Revo Insurance grew its parametric insurance premiums by 30.7% in 2024, the company announced, as it continued to develop new products after its takeover by a parametric and specialty insurance-focused SPAC.

Revo's gross written premiums for parametric insurance in 2024 were 400,000 euros (around $435,000), up from 306,000 euros in 2023. It started providing parametric coverage in 2022 and has announced new parametric products covering household energy usage, production line failure and bad holiday weather in recent months.

The insurer's parametric business remains just 0.1% of its overall portfolio, which is mostly made up of property and specialty lines. Revo's overall gross written premiums hit 308.8 million euros in 2024, an increase of 42.8% on 2023, while it recorded a net profit of 18.6 million euros.

Revo, previously known as Elba Assicurazioni, was acquired in 2021 by an SPAC that planned to make it a leader in parametric and specialty insurance covers for small and medium-sized businesses. Revo-SPAC was founded by Alberto Minali, former CEO of Cattolica Assicurazioni, and Claudio Costamagna, former country head and chairman of Goldman Sachs in Italy.