The Board of Directors of insurtech company Archimede S.p.A. deliberated the next formal startup of the listing process on the AIM Market of the Italian Stock Exchange targeting €30-47m funding.
Archimede is the new Special Purpose Acquisition Company (Spac) promoted by insurance manager Andrea Battista, banking expert Giampiero Rosmarini and insurtech thought leader Matteo Carbone.
The company signed a non-binding letter of intent for the implementation of the business combination with Net Insurance Group – an operator of the Italian market in the insurance coverage for loans on salary products – as a basis for the startup of the entire project. The understanding is subject to the following signing of a binding agreement and to the obtaining of the foreseen regulatory approvals.
The target is to set-up an insurtech company of the Italian Market which, leveraging specific managerial and entrepreneurial track-record of the management team, generates:
– growth in the reference segment of the insurance company deriving from the business combination;
– independent non-life bancassurance platform;
– service capacity for innovative insurance distribution networks;
– employment of insurtech innovation in all insurance processes.