The Italian insurer, which specialises in high-growth sectors, announced on Monday 3 August that it had submitted a binding offer to acquire 100 per cent of Eurocaution’s share capital. The maximum price is €22m. This comprises a fixed component of €20m and a supplementary payment contingent on performance in 2027. The transaction has not yet been finalised. Revo and Eurocaution’s shareholders must negotiate and sign the definitive sale agreement. The acquisition will then require approval from the Italian Insurance Supervisory Authority (IVASS) and the Luxembourg Insurance Commission. It is expected to be finalised between the end of 2026 and the first quarter of 2027.
Founded nearly 15 years ago, Eurocaution acts as a specialist intermediary in insurance guarantees and sureties. The company operates in Luxembourg and Belgium. In particular, it provides financial completion guarantees to property developers and the guarantees required to obtain transport operator licences.
The acquisition should enable Revo to enter these two markets immediately, before expanding into the Netherlands. The group prefers to acquire an established player rather than build a business from scratch. It thereby gains access to Eurocaution’s technical expertise, its relationships with intermediaries and its knowledge of the local market.
An exceptional leap
“Entering the Benelux market through the acquisition of an established operator with strong local roots, such as Eurocaution, will enable Revo to build on existing distribution relationships,” the insurer explains in its press release. The group believes this will enable it to accelerate its market entry and bring forward the contribution this business makes to its operating profit.
The deal also marks a change in business focus for Eurocaution. “We’re no longer acting as an insurance broker,” its founder, 
The future branch will no longer be limited to the guarantees already issued by Eurocaution. Revo intends to replicate in Luxembourg the multi-product model developed in Italy and Spain, drawing on the group’s artificial intelligence modules and OverX technology platform.
“That’s it – cyber risk, public liability and comprehensive cover,” says Alessandro Rizzo. The scheme is not aimed at private individuals. “It’s really specialised for businesses, but specifically tailored to the small business sector,” explains the man who built Eurocaution from the ground up.
Between 14 and 50 employees by 2030
Revo estimates that the business could exceed 20 million euros in gross written premiums in 2029 in Luxembourg, Belgium and the Netherlands. The group is forecasting average annual growth of over 20 per cent between 2027 and 2029. The expansion would require around one million euros in additional IT investment, with the OverX platform set to handle the bulk of the scaling up.
This growth must also be reflected in new recruitment. “There are 14 of us and we’re going to be recruiting heavily,” says Alessandro Rizzo. He suggests that the company will eventually reach a critical mass of around 50 employees in Luxembourg by 2030, whilst pointing out that this scenario has yet to be finalised. This ambition is not mentioned in Revo’s press release, which does not set any staffing targets.
Luxembourg was not, in fact, one of the markets initially targeted by the Italian insurer. Revo had focused its European expansion on Spain, where its Iberian branch began operations in November 2024. The acquisition of Eurocaution would mark its first external growth transaction not included in the objectives of its 2026–2028 plan.
Revo is not yet a European insurance giant, but a rapidly growing specialist. The group recorded gross premiums of nearly €400m in 2025, with an adjusted operating profit of €48.4 million and a solvency ratio of 223.2 per cent. Its business plan targets more than €550 million in premiums and more than €50m in adjusted net profit by 2028. Rated A- by S&P, it focuses its business on non-life insurance, specialised risks and parametric products for SMEs.
At the helm, Alberto Minali is one of the leading figures in the Italian insurance industry. Before launching Revo, he served notably as Chief Executive Officer and Chief Financial Officer of the Generali Group, and subsequently as Managing Director of Cattolica Assicurazioni. At Generali, all the key functions previously under his remit were placed directly under the authority of CEO Philippe Donnet following his departure in January 2017. His arrival in Luxembourg would therefore not merely mark the arrival of a new insurer, but that of a management team with extensive experience of large European groups.
“Eurocaution marks a new milestone in Revo’s international growth journey, which began in November 2024 with the launch of its Iberian branch,” said Alberto Minali, CEO of Revo Insurance, in the press release. “Our ambition to set a new benchmark in the surety market in the Benelux region, with the potential to expand into other business lines, represents an opportunity to create value that is likely to yield results from the very first years of operation.”
The deal therefore gives Revo much more than just a portfolio of surety bonds. It provides it with a regulatory presence, a team and a sales network from which to roll out its insurance products for SMEs across the Benelux. Eurocaution, for its part, would not simply disappear into a foreign group that had come solely to take over its contracts. It is to serve as the starting point for a new local company, with Alessandro Rizzo remaining at the helm.
