Generali
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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.
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The P&C segment also reported a top-line expansion of 14%.
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The carrier has retained advisers to run the sale process of the unit, which is valued at over $330mn, according to Bloomberg News.
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The carrier has extended the deadline for nominations to the statutory auditors board.
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Analysts find carriers have few investments in bank debt after Credit Suisse rescue.
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The results improved despite a larger impact of nat cats compared with last year.
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Kanu will succeed interim leader Manlio Lostuzzi.
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Profits were up 8% at a group level, with strong performance across both life and P&C.
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This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.
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Generali said wider group performance was driven by positive development of the life, P&C and other businesses segments.
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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.
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