The move comes as the company looks to raise more funds and attract a new minority partner.
Prima Assicurazioni could be valued at around €1bn ($1.1bn) in the deal, the sources added.
Prima has been approaching potential private equity investors to provide funding to support its expansion plans.
The sources also stated that the company’s existing shareholders could divest a part of their holdings to raise the capital.
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The decision by the Italian insurtech company to sell off its stake was made in the face of difficult market circumstances and a drop in private equity activities.
Earlier this year, citing Italian press, Reuters reported that Prima Assicurazioni selected bankers at financial services company JPMorgan to raise financing.
In May 2023, Prima Assicurazioni named Matthew Donaldson as the new president of the board of directors.
Founded in 2015, Prima Assicurazioni offers online motor and home insurance products in partnership with Munich Re and Swiss Re.
In Italy, Prima controls nearly a third of the country’s online motor insurance market.
The company, which sets quotes for its partners’ policies using technology such as big data analytics, is also planning to expand its operations into Spain and Britain.