Generali
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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. -
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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The Italian carrier pledges action in investment and underwriting and the group's core businesses, and commits to a low-climate-impact future.
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The total consideration for the combined transactions, including MPI Generali, is RM1.3bn ($311mn), subject to closing adjustments.
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The voluntary tender builds on a 2020 deal in which the bidder took a 24% stake in its target.
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Natural catastrophes make a smaller impact on the combined ratio than a year earlier.
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General manager Frédéric de Courtois and group chief investment Timothy Ryan will leave the business.
