WHAT IS A SPAC
REVO’s objective is to create a leading insurance company focused on specialty lines and parametric risk covers, primarily dedicated to SMEs. Thanks to the Business Combination with Elba Assicurazioni, REVO will engage the first teams of underwriters and MGAsin the specialty lines segment and set up the development of the parametric business. REVO will have a lean structure and will employ cutting-edge technology to optimize and streamline both underwriting and claims management processes, including via the use of blockchain-based technology.
WHAT IS A SPAC
A is a Special Purpose Vehicle created by a group of Promoters with the objective of raising capital, through an initial public offering of its ordinary shares to investors, to be deployed into the acquisition of a target company known as a “Business Combination“. On 19th July 2021, REVOsigned a binding agreement for the acquisition of Elba Assicurazioni, a leading insurance company in the surety bond market. The Business Combination, approved on 4th August 2021 by the shareholders’ general meeting with the favourable vote of 78.75% of the share capital, will be finalized once the authorization from IVASS has been obtained.
The Business Combination, approved on 4th August 2021 by the shareholders’ general meeting with the favourable vote of 78.75% of the share capital, will be finalized once the authorization from IVASS has been obtained.
REVO considers Elba Assicurazioni the ideal target, being an insurance company active in the specialty lines business with opportunities of further growth through strategic acquisitions, commercial partnerships and the development of insurtech business lines.
Elba Assicurazioni is a suitable target for REVO for the following reasons:
REVO has selected a company with significant good prospects for growth, both nationally and internationally, being based on a solid business model with high returns on invested capital.
Elba is a leader in its market niche, with an excellent management team and a wide range of profitable products.
Elba strategy is based on a network of underwriters which proven experience in the specialty lines business that is functional to the implementation of the strategic plan and the future development of the parametric covers, with a strong focus on the value creation for the shareholders.
TEAM The Promoters’ long-standing experience and proven track-record are at the heart of REVO’s value proposition. Unlike other SPACs, Promoters will remain actively engaged in the day-to-day management of the target company following the completion of the ,with a clear commitment to implement and follow the development of its growth strategy.