Generali

The rating action follows the upgrade of Italy's sovereign rating earlier this month.

Plus, the latest people moves and all the top news of the week.

The platform aims to “bend the loss curve”.

The carrier’s chief buyer urged a partnership approach from reinsurers.

Lloyd’s has pursued a Big Game Hunting strategy to lure major insurers into the market.

Natural catastrophe claims remained consistent compared with the prior year.

The group reported an 89.7% combined ratio for the quarter.

A positive outcome could significantly curb insurers’ exposure to the loss.

The Italian carrier posted a record group profit of EUR7.3bn.

The capacity arrangement with LRA also remains in place.

The rating agency also upgraded the long-term issuer credit rating.

The P&C combined ratio improved to 94%, while premiums rose by 6.9% to EUR25bn.

Generali has produced a report with the United Nations Development Programme extolling the virtues of parametric insurance.

Natural catastrophe claims increased by 0.5 percentage points in the first six months of 2024.

This publication reported that parties including Sompo and Generali were circling the carrier.

Sources said that Japanese big-three carrier Sompo and Italian insurance giant Generali are circling.

The group's P&C segment reported top-line expansion of 6.2% over the period.

Giulio Terzariol and Woody Bradford will be CEOs of the insurance and asset management units, respectively.

A deal was announced last July, with Cathay agreeing to take a 16.75% GIH stake.

The company posted a record group profit of EUR6.9bn.

The Italian carrier will buy out joint venture partner CNPC Capital.

The combined P&C ratio improved to 94.3%, while premiums rose 11.5% to EUR23.4bn.

Italy’s largest insurer has booked EUR840mn in cat losses for the nine months to 30 September.

Talanx, Groupama and Itas had shown interest in the P&C business.

In the new role, Giulio Terzariol will take on responsibility for the firm's insurance business units.

Fitch has also upgraded Generali's Long-Term Issuer Default Rating to A from A-.

A webinar and report from the Geneva Association has explored the barriers and prospects for the growth of blockchain insurance.

The carrier’s P&C division reported a combined ratio of 91.6%, a 5.4-point improvement on the same period last year.

Other bidders included France's Groupama and Italy's Itas.

As part of the deal with Generali, Cathay will take a 16.75% stake in GIH.

The sale includes Liberty Seguros operations in Ireland, Northern Ireland, Portugal and Spain.

The P&C segment also reported a top-line expansion of 14%.

The carrier has retained advisers to run the sale process of the unit, which is valued at over $330mn, according to Bloomberg News.

The carrier has extended the deadline for nominations to the statutory auditors board.

Analysts find carriers have few investments in bank debt after Credit Suisse rescue.

The results improved despite a larger impact of nat cats compared with last year.

Kanu will succeed interim leader Manlio Lostuzzi.

Profits were up 8% at a group level, with strong performance across both life and P&C.

This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.

Generali said wider group performance was driven by positive development of the life, P&C and other businesses segments.

Caltagirone, Generali’s second-largest investor, stepped down from the insurer’s board in May, less than a month after leading a failed bid to oust CEO Philippe Donnet.

The move comes in the wake of a major leadership battle, in which several powerful shareholders tried to oust CEO Philippe Donnet.

Francesco Gaetano Caltagirone, Generali’s second-largest shareholder, has reportedly lined up Luciano Cirinà to replace him.

Roberta Neri had been offered the position to replace the insurer's second-largest shareholder Francesco Gaetano Caltagirone, who quit the board last month.

The tycoon spearheaded efforts to oust CEO Philippe Donnet, which failed at last month’s AGM.

Net profit decreased by 9.3% to EUR727mn due exposure to Russian fixed income instruments and its stake in Russian carrier Ingosstrakh.

Rebel directors including Caltagirone have refused to serve on committees.

Generali’s list of nominees received 56.8% of the vote, while the rebels received 42.2%.

The family owns 4% of the carrier via its investment vehicle Edizione.

The pair will look to develop parametric products to protect some of the world’s most vulnerable regions.

Current Generali CEO Philippe Donnet said the rebel plan puts the firm’s dividend targets at risk.

Del Vecchio also backed the need for “major and transformative transactions” to pursue growth.

Billionaire investor Francesco Gaetano Caltagirone had promoted the executive as a potential leader last week.

The plan outlines an aggressive M&A strategy, as well as increased InsurTech investment, expansion plans and a target to lift earnings by more than 14% annually until 2024.

CEO of Generali Deutschland Giovanni Liverani will take over from Luciano Cirinà, as interim head of Austria, Central and Eastern Europe with immediate effect.

Generali’s second-largest shareholder said Luciano Cirinà was “considered by many within the group as the natural successor to the current CEO”.

The Italian carrier said, in a worst-case scenario of a full Ingosstrakh write-down, the net impact would be around EUR166mn.

GWP in the P&C segment grew 7% to EUR24.1bn, following a 4.9% rise in auto line business and 7.5% growth in its non-motor line.

Generali’s second-largest investor said he plans to put forward his own candidate to challenge the re-election of incumbent Philippe Donnet.

The Italian carrier will also wind down its Europ Assistance presence in Russia.

Who will lead Italy’s 191-year-old insurer over the next three years? Analysts have their say.

Andrea Sironi has been appointed as an independent director and will be put forward as the board’s candidate for chairman.

Analysts have told this publication that the wranglings at Generali are likely to be “more than about personalities – they're about the creation of value”.

The Italian insurer’s board has experienced a string of resignations in recent weeks.

The carrier has bought out positions in Future Generali India Insurance and Future Generali India Life.

Sabrina Pucci’s resignation follows that of Francesco Gaetano Caltagirone and Romolo Bardin.

Alejandro Muñiz will be responsible for revamping GC&C’s global construction practice.

The board meeting followed the resignation of directors Caltagirone and Bardin in the wake of a power struggle at the Italian carrier.

Romolo Bardin’s resignation is the second in just a matter of days as the turmoil between Generali and its investors continues.

Chairman Galateri di Genola expressed “deep regret and surprise” at the departure.

The carrier has announced its first share-buyback programme in 15 years, targeting EUR500mn of stock repurchase.

The Caltagirone Group holds a 7.6% stake in Generali, while Delfin Sarl, steered by Leonardo Del Vecchio, has a 6.1% stake.

The carrier has faced a string of resignations amid a battle for talent in the D&O market.

Generali’s nine-month P&C operating profit fell by 2.4% year on year to EUR1.79bn ($2.1bn), despite catastrophe claims for the period more than doubling year-on-year.

Generali has proposed to acquire the shares of Cattolica it does not already own.

The carrier will also continue with plans to expand in Asia.

The decision to put Philipe Donnet on the slate was backed by nine of 13 board members, despite opposition from the carrier’s two biggest investors.

The current board is said to favour Philippe Donnet’s inclusion on the list of the next board of directors.

Storms in Spain during January and subsequent weather events across Europe in June impacted the P&C division.

The Italian carrier pledges action in investment and underwriting and the group's core businesses, and commits to a low-climate-impact future.

The total consideration for the combined transactions, including MPI Generali, is RM1.3bn ($311mn), subject to closing adjustments.

The voluntary tender builds on a 2020 deal in which the bidder took a 24% stake in its target.

Natural catastrophes make a smaller impact on the combined ratio than a year earlier.

General manager Frédéric de Courtois and group chief investment Timothy Ryan will leave the business.

The legacy company announces three recent appointments to its management team.

The new recruit will run SI’s UK and international property team.

The internal venture aims to accelerate digitalisation across the group.

Zaid Alami replaces Brendan McDonald, who is now underwriting head for the region.

The Italian carrier has achieved its target of EUR200mn in expense reduction as part of its three-year plan.

The executive will remain GGC&C UK head.

Brendan McDonald has worked for the firm for two years, most recently as Asia head of financial lines underwriting.

Group earnings more than halve as Covid-19 devastates investment income. 

The partnership includes a reinsurance pact and the sale of a near-one quarter stake.

The disposal would be the latest of several.

The carrier also makes appointments to the global business lines team.

Generali, SIAT, Swiss Re, India International and PICC argued that the policies had an exclusive English jurisdiction clause.

Group net profit was down 85 percent due to financial market impairments.

An overall reduction in the loss ratio came despite an uptick in catastrophe losses.

Generali Global Corporate & Commercial CUO Bill Skapof becomes the inaugural CEO of N2G.

Nine cedants including Allianz and Generali were involved in the pilot.

Former Generali UK manager and head of financial lines hired.

The new division will partner with retailers to provide tailored warranty services for consumer products.

Group earnings at the Italian insurer and asset manager beat forecasts.

The addition of Tranquilidade will make the Italian carrier Portugal's second-largest non-life insurer.

The auction was also said to have drawn interest from Allianz and Ageas.

An improved underwriting result contributes to the uplift.

The sale is the carrier’s latest divestment as it trims its international presence.

The insurer reports steady group-wide profit after the conclusion of its three-year turnaround plan.

The ratings agency also revised the outlook of Generali’s long-term ICR to positive from stable.

Clearance from the Italian regulator marks the final stage of the year-old run-off agreement.

The carrier will seek acquisitions of insurers and asset managers.

A new three-year plan targets at least $1.7bn in debt reduction and acquisitions within asset management.

The insurer joins a growing list of carriers who are scaling back on insuring coal-related assets.

The carrier reports EUR215mn in natural catastrophe claims and a marginal improvement in the combined ratio.

When reinsurers are too big it is their cedants that can suffer, but when the buyers are too big it is the reinsurers that are squeezed by the asymmetrical relationship.

Liability cover and a separate D&O policy held by the bridge operator’s parent could also come into play.

The initiative has hired Generali's di Marzo to lead its blockchain efforts in the sector.

The Italian carrier announces the results as it nears the end of a restructuring programme.

The insurer-owned blockchain start-up B3i is to build its systems on a blockchain platform developed by banking sector technology consortium R3.

The legacy sector has seen surging deal volumes of late, but the major inflows of capital into the space look set to choke off returns, with the live market’s depressed returns a cautionary tale for run-off acquirers.