Generali

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.