Ageas Re completes QS transaction with Triglav in connection with Prima motor book

By Ryan Hewlett

June 5 - (The Insurer) – Ageas Re, the reinsurance arm of Belgian insurance group Ageas, has completed a 500 million euro ($572.4 million) quota share reinsurance transaction with Slovenian insurer Triglav Group in connection with the motor insurance business distributed by Italian insurtech Prima.

Under to the agreement, brokered by Howden Re, Ageas Re takes an 80% quota share on the Prima business underwritten by Triglav Group in 2025, commencing in the coming weeks.

Prima began distributing personal lines policies in 2015 and is now the largest in the Italian direct motor business with 1.3 billion euros in gross written premiums and 104 million euros in EBITDA.

Ageas Re said in statement on Thursday that it anticipates inflows from this transaction in excess of 500 million euros in 2025 and a net operating result of around 15 million euros, spread over 2025 and 2026.

The impact on Ageas Group solvency is estimated to be no more than -4 percentage points in 2025, the reinsurer said.

Ageas Re was launched in early September 2022 and formally began underwriting third-party treaty from 1 January 2023. It has initially focused on underwriting property reinsurance in Europe, the Middle East and Africa.

Under the leadership of CEO Joachim Racz, the third-party reinsurer has built out its operations to include select casualty lines and expanded its geographical reach to include Latin America.

The casualty offering, launched in January 2024, predominantly serves local and regional European clients with a personal lines profile. It has a particular focus on motor, commercial liability and general third-party liability.

More recently the reinsurer entered financial lines with the launch of a credit and bond offering at January 1, 2025.

Racz 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.”