Italian insurance major Generali has decided to reach out to the country’s insurance regulator to review the validity of the stakes acquired by three of its investors.
Generali’s major backers Francesco Gaetano Caltagirone and Leonardo del Vecchio and smaller shareholder Fondazione CRT collectively own a 16.3% stake in the insurer.
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The three have come together to rival Generali’s single biggest shareholder Mediobanca in a bid to appoint a new CEO.
Generali stated that it will request IVASS to verify whether the stakes acquired by Caltagirone Group and Vecchio’s Delfin and Fondazione CRT is subject to prior authorisation.
Additionally, Generali plans to submit a request to market watchdog Consob to check if the acquisition was subject to norms such as the disclosure of future intentions for holding over 10% stake.
In a separate development earlier this week, Generali signed an agreement with Crédit Agricole Assurances to acquire La Médicale.
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By GlobalDataGenerali will pay €435m for La Médicale, which is an insurance firm focused on health care professionals.
The deal is aimed at strengthening Generali’s position in the French healthcare market.
It will bolster Generali’s health and protection lines and the overall P&C business in France from both a strategic and commercial perspective, the insurer noted.
Generali Group CEO Philippe Donnet said: “The transaction will strengthen our presence in France, one of our core markets, and is fully in line with Generali’s ‘Lifetime Partner 24: Driving Growth’ strategy, launched in December. The acquisition also demonstrates our disciplined approach in evaluating opportunities, always looking to create value for all stakeholders.”
