Reinsurance News

Generali

Generali’s Europ Assistance buys nearly 75% of Gulf Assist

1st July 2022

Generali subsidiary Europ Assistance has bought a nearly three-quarter stake in Gulf Assist. In a statement, Europ Assistance said it had bought 74.6% of the firm from MAPFRE Asistencia. Gulf Assist also owns Arab Assist WLL in Jordan and has a commercial branch in Dubai. Enrique Ballesteros, previously general manager of Gulf ... Read the full article

Generali closes third green bond

30th June 2022

Italian insurer Generali has placed a €500mn Tier 2 bond due July 2032 under its new Sustainability Bond Framework. This marks Generali's third placement of a sustainability bond following two green bond deals in recent years; the first one was placed in June 2021. An amount corresponding to the net proceeds ... Read the full article

Caltagirone has left Assicurazioni Generali

30th May 2022

Assicurazioni Generali has said that non-independent director Francesco Gaetano Caltagirone has resigned from the Board with immediate effect for undisclosed reasons. It also said that Caltagirone, directly or through companies related to him, holds a stake of the share capital of Assicurazioni Generali S.p.A. equal to 9.95% and that the board ... Read the full article

Generali’s GC&C names Matthias Arnold new Head of Underwriting, Germany

24th May 2022

Generali’s property & casualty (P&C) unit – Global Corporate & Commercial (GC&C) has announced the appointment of Matthias Arnold as the new Head of Underwriting in Germany. Arnold’s appointment is effective as of July 1st, 2022. Within his new role, Arnold will further intensify the tactical development of GC&C Germany's portfolio, as ... Read the full article

Generali sees GWPs up 6.1% in Q1 2022

19th May 2022

Generali is reporting that its gross written premiums in Q1 2022 to €22.3bn, or 6.1%. However, the firm said that its net result was down to €727m in the quarter, down from €802m in the preceding year’s same quarter. This, it said, had been impacted by impairments on its Russian investments ... Read the full article

Generali makes three appointments in Italy

13th May 2022

Generali Country Italy and Global Business Lines has announced that Giulia Raffo, Manlio Lostuzzi, and Ludovic Bayard have been appointed to new roles. The firm said that Raffo was to be its new CFO, Lostuzzi was to take on the role of head of Generali Global Business Lines insurance technical coordination, ... Read the full article

Generali acquires stakes in Indian P&C joint venture

9th May 2022

Italian insurer Generali has announced that it has finished acquiring 25% of the shares of P&C business, Future General India Insurance (FGII), following regulatory approval. Following the acquisition, the firm will now hold a stake of around 74% in FGII. The deal was originally signalled in January, alongside an acquisition of 16% ... Read the full article

Philippe Donnet to remain as Generali CEO

29th April 2022

Shareholders of Italian insurance giant Generali voted today in favour of keeping current Chief Executive Officer (CEO), Philippe Donnet, in his role with a margin of ~56% of voting capital in favour. At the insurer's AGM today, held remotely owing to COVID-19 concerns, Donnet's term was renewed despite a challenge from ... Read the full article

Generali & UNDP aim to improve insurance access for the most vulnerable

8th April 2022

Global insurer Generali has entered into a multi-year partnership with the United Nations Development Programme (UNDP) designed to provide emerging countries with better access to insurance and risk finance solutions. Under the agreement, Generali has committed technical and financial resources to the UNDP's Insurance and Risk Finance Facility. By bringing together Generali's ... Read the full article

Generali buys stakes in Indian offshoots

30th March 2022

Generali has finished acquiring 16% of Future Generali India Life (FGIL), following regulatory approval. The firm said it had bought what amounted to the entire stake held by Industrial Investment Trust, alongside additional shares. Generali now holds a stake of around 68% in FGIL, which may increase further to 71% by ... Read the full article

Ingosstrakh facing financial challenges due to Ukraine invasion: GlobalData

16th March 2022

According to data and analytics company GlobalData, Ingosstrakh, the fourth largest general insurer in Russia could be facing significant financial challenges following Russia’s invasion of Ukraine. In 2020, the insurer earned 36.3% of its RUB106.5 billion ($910.1 million) premium income in the Marine, Aviation and Transit (MAT) insurance market which has ... Read the full article

Generali result up 63%, with growth across segments

15th March 2022

Italian insurer Generali has posted a 63.3% growth in its net result year-on-year, finishing 2021 with a figure of €2,847 million, compared to €1,744 million previously. The performance was aided by positive growth across all business segments with strong technical profitability across both life and property and casualty (P&C) business. Generali's operating ... Read the full article

Generali severs Russia ties

4th March 2022

Generali is to close its Moscow office, resign its positions on the board of Ingosstrakh, and wind down its Europ Assistance business due to Russia’s invasion of Ukraine. In addition, the company said it was reviewing all its investment and insurance business in Russia and will comply fully with all applicable ... Read the full article

Generali agrees to acquire La Medicale for €435mn

2nd February 2022

Generali has agreed to acquire La Médicale, an insurance company for healthcare professionals, for an expected €435 million as part of the company's strategic growth plan. The acquisition follows the exclusive negotiation with Crédit Agricole Assurances, which was announced last November, and the consultation of the dedicated workers’ councils. The transaction also ... Read the full article

Generali takes majority stakes in Indian life and P&C ventures

27th January 2022

Italian insurer Generali has announced new agreements to become the majority shareholder in both its Life and P&C joint ventures in India. The company plans to acquire 25% of the shares of P&C business Future Generali India Insurance (FGII) and 16% of Life business Future Generali India Life (FGIL), bringing its ... Read the full article