German ICMIF member R+V Versicherung’s Italian insurance subsidiary, Assimoco, has entered into an exclusive distribution partnership with ICCREA, Italy’s largest banking cooperative. This will significantly strengthen Assimoco’s position as a cooperative insurer in Italy from 2024.

Cooperative insurer R+V Versicherung has announced that it is strengthening its business in the growth market of Italy. The local insurance subsidiary Assimoco has entered into an exclusive sales cooperation agreement with ICCREA Banca, the largest banking cooperative in Italy. The agreement covers composite and health insurance and is initially for 15 years. Last year, Assimoco and the Italian banking group Cassa Centrale Banca (CCB) began a five-year exclusive distribution partnership covering the entire range of life and composite insurance.

Norbert Rollinger, CEO of R+V Versicherung and Chairman of the Board of Directors of Assimoco said: “We are very pleased to significantly strengthen our long-standing partnership with ICCREA Banca, which is based on shared cooperative values, with this cooperation. As part of our bancassurance strategy, we have thus taken another major step towards developing Assimoco into the leading cooperative insurer in Italy.”

The distribution agreement between Assimoco and ICCREA Banca is a logical consequence of a successful cooperation between the partners in Italy that has existed for many years. It has been agreed that, subject to the approval of the Italian supervisory authorities, Assimoco will acquire a majority stake in ICCREA’s insurance subsidiary, BCC Assicurazioni.

Through the new sales partnership with ICCREA, Assimoco expects additional growth potential. The R+V subsidiary expects a gradual fivefold increase in its existing ICCREA business to a premium volume of EUR 400 million. In 2022, Assimoco generated premium income of EUR 315 million in the composites business. In total, the Assimoco Group’s turnover in 2022 amounted to almost one billion euros.

Image source: R+V