Reinsurance News
Generali
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
Generali (GC&C) makes new appointment
24th January 2022
Alejandro Muñiz has joined Generali Global Corporate & Commercial as its new head of construction and green energy. Muñiz’s appointment with the company began on 1 January and is being undertaken In addition to his current role as head of engineering underwriting Iberia & LatAm. In his new position, he will revamp ... Read the full article
Generali outlines new three-year strategy
16th December 2021
Italian insurer Generali has outlined a new three-year strategy to deliver sustainable growth across its core and emerging business lines, enhance its earnings profile, and drive innovation. Under the plan, Generali will enhance its earnings profile, increase the profitability of its Life business, invest € 1.1 billion in technology and digital ... Read the full article
Generali partners with Accenture, Vodafone Business on cyber solutions
15th December 2021
Generali has joined forces with Accenture and Vodafone Business on the creation of cyber insurance services designed to help corporate and SMEs clients more effectively recognize, respond to and recover from cybersecurity threats and incidents. The initiative includes cyber risk assessments, phishing simulations and learning programs. The new services are aligned to ... Read the full article
Generali in talks to acquire La Médicale from Crédit Agricole Assurances
25th November 2021
Italian insurer Generali has entered into exclusive negotiations to acquire La Médicale, the insurance subsidiary for healthcare professionals owned by Crédit Agricole Assurances. Under the terms of the arrangement, Generali France will also acquire Predica's death coverage portfolio, which is marketed and managed by La Médicale. Predica is a life insurance entity ... Read the full article
Generali appoints Wendy Law to lead casualty underwriting in Asia
17th November 2021
Generali Global Corporate & Commercial (GC&C) has announced the appointment of Wendy Law as Head of Casualty Underwriting Asia, a Hong Kong-based role that will see her lead the firm's casualty business in the region. Law joins from Starr Insurance Companies, where she served as the head of liability. During her time ... Read the full article
Generali on track to hit 2021 targets as results up 74%
11th November 2021
Italian insurer Generali has posted a net result of €2.25 billion for the first nine months of 2021, up 73.6% from the €1.30 billion that it reported for the same period last year. The result increased thanks to a corresponding improvement in the group’s operating result, which grew by 10% over ... Read the full article
Generali seals takeover of rival Italian broker Cattolica
4th November 2021
Italian broker Generali has completed its acquisition of rival firm Cattolica in a previously-announced deal that’s intended to enable an eventual merging of the two organisations. Generali, already a significant shareholder, required a controlling stake in the firm in order to lay the regulatory groundwork for its merger plans. The consideration ... Read the full article
Generali takeover offer for Cattolica gets regulatory approval
25th October 2021
Italian insurer Generali has received regulatory approval for the acquisition of a controlling interest in Società Cattolica di Assicurazione. The European Commission has given Generali the green light to make an offer to acquire all the ordinary shares of Cattolica. Further details of the offer have not yet been disclosed. Generali committed to ... Read the full article
Generali CEO commits to €3bn of sustainable investments by 2022
13th October 2021
Italian insurer Generali has committed to investing €3 billion in sustainable and green bonds by the end of 2022, as part of its sustainability objectives. The commitment forms part of a larger climate protection goal for Generali to make between €8.5 billion and €9.5 billion of new green and sustainable investments ... Read the full article
Generali promotes Pedro Ruano to lead global claims
7th September 2021
Generali has named former Head of GC&C Iberia & LatAm Pedro Ruano as Head of Claims, a role that sees him take over the direction of the firm’s claims processes at a global level. Ruano directly reports to Hayden Seach, within the newly created Insurance function, formerly Underwriting function. The new Insurance ... Read the full article
July floods trigger Generali’s reinsurance coverage
3rd August 2021
Italian insurer Generali has confirmed that its July flood losses in Germany have been capped at €100 million, after the disaster triggered the company’s per occurrence reinsurance coverage. Catastrophic flooding and storms across parts of Western and Central Europe last month are expected to drive overall economic losses of over ... Read the full article