Generali
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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.
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Chairman Galateri di Genola expressed “deep regret and surprise” at the departure.
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The carrier has announced its first share-buyback programme in 15 years, targeting EUR500mn of stock repurchase.
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The Caltagirone Group holds a 7.6% stake in Generali, while Delfin Sarl, steered by Leonardo Del Vecchio, has a 6.1% stake.
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The carrier has faced a string of resignations amid a battle for talent in the D&O market.
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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.
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Generali has proposed to acquire the shares of Cattolica it does not already own.
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The carrier will also continue with plans to expand in Asia.
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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.
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The current board is said to favour Philippe Donnet’s inclusion on the list of the next board of directors.
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Storms in Spain during January and subsequent weather events across Europe in June impacted the P&C division.
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