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May 25, 2022updated 26 May 2022 10:57am

Generali increases stake in Cattolica to 91.5%

Italian insurance major Generali has increased its stake in rival Società Cattolica di Assicurazione (Cattolica) via a reverse accelerated book-building (RABB) procedure.

Generali paid over €105.38m for approximately 6.834% of the share capital of Cattolica. The deal raised the company’s stake in Cattolica to around 91.5%.

Generali launched a €1.17bn buyout offer for Cattolica in May 2021 and increased its stake in the insurer to 84.47% in November that year. 

Before that, Generali, which seeks to prevent foreign insurers from growing in the Italian market through the deal, made a €300m investment in Cattolica. 

As per the regulatory norms, with more than 90% stake in Cattolica, Generali will give smaller shareholders an option to sell their stake in the insurer before it squeezes them out and delist the insurer if it crosses the 95% threshold. 

In a separate development, earlier this month, Generali became a majority shareholder in its Indian general insurance joint venture by acquiring Future Enterprises’ stake in Future Generali India Insurance (FGII).

In March, Generali acquired the entire 16% stake in Future Generali India Life (FGIL) from Industrial Investment Trust Limited (IITL). 

The stakebuilding in Indian JVs is part of the Italian firm’s ‘Lifetime Partner 24: Driving Growth’ strategy, which aims to bolster its position in fast-growing markets.

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