Archimede the new Insurtech SPAC

Go-Live for Archimede, the new spac – founded by Andrea Battista, Matteo Carbone, Giampiero Rosmarini – aimed at the development of an innovative Italian Insurtech carrier independent, multichannel and focused on protection business.

Archimede S.p.A. deliberated the next formal start-up of the listing process on the AIM Market of the Italian Stock Exchange targeting 30-47 million euros funding.

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Archimede is the new Special Purpose Acquisition Company promoted by Andrea Battista, well known insurance manager Giampiero Rosmarini (known professional and banking expert) and Matteo Carbone (international thought leader on insurtech topics).

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The objective of the project is – also through the business combination – the set-up of the first Insurtech Insurance Company of the Italian market which, leveraging on the specific successful managerial and entrepreneurial track-record of the proponent-team and of the management team, generates:

  • a strengthening and profitable growth in the reference segment of the insurance company deriving from the business combination;
  • an independent non-life bancassurance platform;
  • a distinctive service capacity for innovative insurance distribution networks;
  • a full employment of insurtech innovation in all insurance processes.

The industrial project foresees the implementation of 4 main strategic/ operative streams, characterized by specific lines of action:

  1. Further profitable development of the business of the TargetCo: optimizing the existing business (program of careful portfolio selection, investment optimisation, general expenses rationalization) and implementing a program of new development initiatives (relaunching existing insurance agreements thanks to the stronger capital position and starting-up new distribution relationships leveraging the track-record of the new shareholders/ managers; valorizing human resources and the service industrial competences).
  2. Development of non-life non-motor bancassurance: building-up new distribution capacity in Italy (definition and implementation of new distribution agreements; leverage on existing distribution agreements also for the distribution of the new non-life products) and setting-up an efficient operating machine serving the new business (design and implementation of an innovative product offering in retail/ family protection with some extensions to the SME segment; implementation of a dedicated “service machine” evolved starting from the current operating and technological assets).
  3. Development of non-life non-motor retail-broker channel: building-up new distribution capacity in Italy (set-up of agreements with selected brokers characterized by innovative distribution structures, focused on retail business and with specific vertical competences) and putting in place an efficient operating machine to serve the new business (taylorization of product offering, use of the “service machine” that will be developed on a multichannel basis).
  4. Digital Innovation & Insurtech: following an approach of “pervasive insurtech”, technological innovation will be embedded inside the whole insurance value-chain of risks underwriting and management of the business combination by assuming a business accelerator role. That – in line with the “make-buy-ally” flexible model – through the progressive integration of digital innovations (insurtech) in order to support the activity of the intermediated distribution channels, to develop a distinctive “insurtech-enabled” product offering and to characterize the Business Combination as the reference “Bancassurance Platform” for the new fintech entrants and for the development of the “incidental channels” on the Italian markets.

The integration and development plan will be directed to a relevant capital management discipline and to a consistent resiliency over time in order to set a S2 ratio target well above the minimum regulatory requirements.

The Board of Directors of Archimede also deliberated to adhere to a non binding Letter of Intent with Net Insurance Group with which, as possible TargetCo, will implement the above described business combination  subject to the signing with Net Insurance Group of a following binding agreement and to the obtaining of the required regulatory approvals.

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Massimo Famularo

Investment Manager and Blogger Focus on Distressed Assets and Non Performing Loans Interested in Politics, Economics,

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