Axa has struck a deal to acquire Prima, an Italian-based direct insurance provider that recently launched operations in the UK and Spain. It controls premiums of around £1bn and has a focus on the motor market. The deal will see Axa acquire 51% of Prima. The carrier said the move would help it expand its direct distribution channel, which it has identified as a significant growth opportunity.

Prima operates as a managing general agent and sells through price comparison websites, directly through its own website, and through a network of more than 1,500 multi-tied agents.

Patrick Cohen, chief executive officer of Axa European markets and health, said: “We are excited to announce the acquisition of Prima, which will not only significantly enhance our position in the Italian P/C market but also bring capabilities to strengthen our direct business in European Markets.

“With Prima, we are acquiring a best-in-class direct player with a cutting-edge platform and a unique set of skills in serving customers. Together with the Prima team, we are confident we can further scale our direct business, expanding our market reach to customer segments that naturally complement those served by our traditional distribution channels.”