Revo Insurance has already sold over 2 million premiums in the Yachting segment in Italy.
Domenico D'Alfio draws up an initial assessment of the insurance company that opened its headquarters in Genoa and is also looking with interest at foreign markets.
Genoa - A year and a half after opening its Genoa office dedicated to marine insurance, Revo Insurance, an Italian operator focused on specialty lines and parametric risks for SMEs and professionals, has released an initial assessment of the results achieved by its Marine division, which includes both the cargo (goods transport) sector and Hull & Machinery policies for the naval and yachting industries.
Domenico D'Alfio, Head of Specialty Lines at Revo, described the decision to land in Genoa as a winning gamble to SHIPPING ITALY: "We currently have six people, soon to become seven, dedicated specifically to this line of business. In 2024, we reached nearly €24 million in premium income in the Marine business, a 7,7% increase over the previous year and almost perfectly balanced between the Cargo and Hull lines. The yachting business also made a significant contribution to these numbers." Marine was the third-largest business line behind the Suretyship and Property specialties, and yachting already accounts for over €2 million.
Looking to the near future, D'Alfio announced that "we expect double-digit growth in 2025 as well, and we are increasingly expanding beyond the Italian market. One of our new projects concerns the international expansion of Revo Insurance, which last fall already obtained authorization to operate in Spain. The Revo Iberia project focused primarily on surety bonds and financial lines, but we are also looking with interest at marine opportunities." The company's rating, recently upgraded from BBB+ to A- by Standard & Poor's It opened up the possibility for the young Italian insurance company to open mandates with other foreign brokers, for example in London.
D'Alfio recalls that the Genoa office was established "with the belief that operating in the marine insurance sector requires a physical and direct presence in what continues to be the national capital of the sector. Our strong specialization, a very short and rapid decision-making chain, a highly advanced technological setup that sets us apart from our competitors (the OverX platform), and the consolidated experience of our Marine team, led by Gabriele Galanti—which also includes professionals with specific backgrounds in yachting—have allowed us to achieve significant results in a short time."
Revo Insurance, presenting its 2024 group results, also revealed further expansion of its offering with new solutions and partnerships in both the specialty and parametric sectors. The press release describes "the enhancement of the Marine range on OverX, with the Cargo Transported on Turnover, Cargo Transported on Subscription, and Road Carrier Liability offerings, respectively."
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