(Alliance News) - Revo Insurance Spa let it be known Thursday that its board of directors approved the 2024-2027 rolling plan and reported premium income of EUR216 million in 2023, a significantly higher result than the initially planned target of EUR180 million.

The 2024-2027 rolling plan confirms the project's main areas of development along the following strategic lines: strengthening relations with intermediaries; market analysis to search for new distribution opportunities; increasing cross-selling between specialty lines and parametric products; further enrichment of the OverX platform and increasing utilization; maintaining high capital strength; and continuing development projects in the ESG sphere.

In this context, the board of directors resolved to start the functional process of opening a secondary office in Spain. The objective of the "Revo Iberia" project is to take advantage not only of the business relationships already in place with large international brokers, with whom the company operates in Italy, but to open its distribution model to local intermediaries, including small ones, the company specified in a statement.

"The specialty line market in Spain has recorded interesting growth rates over the past few years, particularly in the market niches already manned by Revo in Italy," the note reads. "The implementation of the project has been entrusted to Fernando Lara, a manager with proven experience who has already held senior roles in large international insurance groups present in Spain.

Annual consolidated figures will be released on March 14.

Revo Insurance's stock closed Thursday up 0.7 percent to EUR9.02 per share.

By Chiara Bruschi, Alliance News reporter

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