REVO Insurance S.p.A., an Italian speciality non-life insurer, has announced the submission of a binding offer to acquire Luxembourg-based Eurocaution S.A. in a transaction valued at up to €22 million.
Eurocaution specialises in insurance intermediation and surety underwriting, operating across Luxembourg and Belgium. REVO Insurance said the proposed acquisition is subject to the negotiation and execution of definitive transaction agreements, alongside the satisfaction of customary closing conditions, including the necessary regulatory approvals.
According to REVO Insurance, the acquisition would represent another step in its international expansion strategy following the launch of its Spanish operations in November 2024. The proposed deal would establish an inorganic growth platform beyond the objectives currently outlined in its 2026–2028 Business Plan.
The insurer stated that adding Eurocaution to the group would strengthen its presence in the European surety market, an area where REVO Insurance already holds a leading position in Italy. It expects the business to have the capacity to generate more than €20 million in gross written premiums (GWP) across the Benelux region by 2029, while requiring only modest additional investment in technology.
REVO Insurance added that the transaction would broaden its technical expertise across Europe by adding Eurocaution’s underwriting capabilities and market experience to the group.
The company believes acquiring an established operator rather than building a new business from the ground up would provide faster access to the Benelux market. Eurocaution’s existing relationships with distributors and customers would reduce the time typically required to establish operations in a new territory, allowing the business to contribute to earnings sooner.
As part of the proposed transaction, REVO Insurance intends to retain Eurocaution’s existing management. The company identified Alessandro Rizzo, Chief Executive Officer and shareholder of Eurocaution’s parent company, EBR S.A., where he owns approximately 38%, as a key figure in its regional expansion plans.
Subject to completion of the acquisition and regulatory approval, REVO Insurance expects Rizzo to become Branch Manager of REVO Benelux, the group’s Luxembourg branch, which is currently being established. He would oversee business continuity, strengthen underwriting activities and maintain relationships with local distribution partners. REVO Insurance added that Mr Rizzo would also be covered by incentive and retention arrangements.
Looking beyond the acquisition, REVO Insurance said it intends to expand Eurocaution’s product offering into insurance lines that the company does not currently serve. The insurer plans to support this expansion using artificial intelligence technologies already deployed across the group, alongside the multi-product, multi-channel operating model introduced in Italy and Spain.
The proposed acquisition aligns with the strategic priorities set out in its Business Plan, including geographical expansion, growth in higher-margin speciality insurance and continued investment in proprietary technology.
The company estimates that extending its operations into the Benelux region would require around €1 million of additional IT investment, which it said demonstrates the scalability of its technology platform and its ability to support international growth efficiently.
Financially, REVO Insurance said it is targeting gross written premiums exceeding €20 million across Luxembourg, Belgium and the Netherlands by 2029. The company expects this to represent a compound annual growth rate (CAGR) of more than 20% between 2027 and 2029.
The maximum purchase price under the binding offer is €22 million, comprising a fixed consideration of €20 million together with an earn-out linked to Eurocaution’s performance during 2027.
REVO Insurance added that it may finance the transaction through existing resources or alternatively consider issuing subordinated debt in line with the size of the acquisition as part of a broader optimisation of the group’s capital structure.
Completion of the proposed acquisition remains conditional on the signing of a Share Purchase Agreement (SPA), regulatory approval from Italy’s IVASS and Luxembourg’s Commissariat aux Assurances (CAA), completion of integration activities and other customary conditions. REVO Insurance expects the transaction to complete between the end of 2026 and the first quarter of 2027.
Commenting on the proposed acquisition, Alberto Minali, Chief Executive Officer of REVO Insurance, said: “Eurocaution represents a further step in the international growth journey that REVO began in November 2024 with the launch of its Iberia Branch.
“Our ambition to create a new benchmark in the Benelux surety market, with the potential to expand into additional lines of business, represents a value-creation opportunity that can deliver results from the early years of operation, while remaining firmly anchored to the principles of technical, financial and technological discipline that define our business model. Moreover, this external growth opportunity is not currently reflected in the targets of our Business Plan.”
