CAAREA

• Information request sent on 2nd of Feb
• Swiss Re confirmed that it is a good deal

Catch-up call with CAAREA’s CEO and founder.

Discussions started in summer 24 but it was too short to initiate a new partnership. They are very confident to start in 25 with 2 opportunities:

1. Prepare portfolio transfer at 1.1.26 of 50% of the existing carrier so ie 3 to 5M€ at Axeria share (from Wakam)
2. During 2025, start new business case: Estonia, 1M€ GWP with option to get in 26 an extension in the Nordics. Portfolio transfer with local partner ; traditional cars + electric cars. They have a lot of historical data since 7-8 years on electric cars coming mainly from China but as well Tesla. Inception in Q2. Product is finalized, distribution in place.

The two opportunities would be linked.

Reinsurance is in place with Scor, MR, SR ; cession 80% to 70% ; to be discussed.

NDA is signed

Next step: send them a list of information needed for the triage.