Generali
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The new division will partner with retailers to provide tailored warranty services for consumer products.
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Group earnings at the Italian insurer and asset manager beat forecasts.
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The addition of Tranquilidade will make the Italian carrier Portugal's second-largest non-life insurer.
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The auction was also said to have drawn interest from Allianz and Ageas.
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An improved underwriting result contributes to the uplift.
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The sale is the carrier’s latest divestment as it trims its international presence.
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The insurer reports steady group-wide profit after the conclusion of its three-year turnaround plan.
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The ratings agency also revised the outlook of Generali’s long-term ICR to positive from stable.
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Clearance from the Italian regulator marks the final stage of the year-old run-off agreement.
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The carrier will seek acquisitions of insurers and asset managers.
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A new three-year plan targets at least $1.7bn in debt reduction and acquisitions within asset management.
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The insurer joins a growing list of carriers who are scaling back on insuring coal-related assets.
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