Assicurazioni Generali News

Update: Zurich Reports 4Q Loss of $424M, vs. Profit of $860M in Q4 2014

Zurich Insurance Group AG reported a worse-than-expected loss in the fourth quarter as the company makes plans to turn around its unprofitable general insurance unit. The net loss was $424 million compared with a profit of $860 million a year earlier, Switzerland’s biggest insurer …

Top Generali Investors Making Their Influence Felt in Hunt for New CEO

French corporate raider Vincent Bollore is making his influence felt in corporate Italy by defying the country’s old guard in choosing a replacement for Mario Greco as Generali chief executive. Greco may have masterminded a three-year turnaround and a doubling of its …

Generali Names Galateri as Interim CEO After Greco Departs for Zurich Insurance

Assicurazioni Generali SpA appointed its Chairman Gabriele Galateri, as acting chief executive officer after CEO Mario Greco decided to quit Italy’s biggest insurer to become the head of Zurich Insurance Group AG. The company’s board approved the termination of Greco’s contract and …

Generali Shares Drop on Greco’s Decision to Join Zurich as CEO

Assicurazioni Generali SpA dropped to the lowest since July 2013 after Chief Executive Officer Mario Greco said he was leaving the Italian insurer to head Zurich Insurance Group AG. Generali, which has yet to announce a replacement, closed 1.3 percent lower at …

Zurich Names Generali’s Greco as CEO, with Task of Driving Turnaround

Zurich Insurance Group AG hired Assicurazioni Generali SpA’s Mario Greco as chief executive officer, giving him the task of turning around the company, after losses in its general insurance business forced the Swiss insurer to abandon a takeover bid. Greco, 56, will start …

France’s CNP Assurances in Talks to Buy BTG’s Brazil Insurance Units

French insurer CNP Assurances has entered exclusive talks with Grupo BTG Pactual SA to buy its 51 percent stake in Brazilian insurer Pan Seguros, two sources familiar with the matter said on Tuesday. CNP Assurances has offered 1.6 billion Brazilian reais ($396 million) …

Generali Investors Rattled About Report that Zurich Intends to Poach CEO Greco

Uncertainty over whether Mario Greco will stay on as chief executive of Generali rattled investors in Italy’s top insurer on Monday after a Swiss newspaper reported rival Zurich Insurance was set to poach him. Speculation that Greco, who ran the Swiss group’s insurance business …

Zurich Insurance to Appoint Generali’s Greco as CEO: Swiss Newspaper

Zurich Insurance Group AG will appoint Mario Greco, the head of its Italian rival Assicurazioni Generali SpA, as chief executive officer, Swiss newspaper SonntagsZeitung reported, without saying how it got the information. While Greco, an insurance-industry veteran, hasn’t yet been formally chosen and his …

Inclusion on List of Too-Big-to-Fail Insurers May Alter Business Strategy: Fitch

A change to the list of globally systemically important insurers (G-SIIs) suggests the potential for being added to or removed from the list could play a significant role in setting strategy for some major insurers, according to Fitch Ratings. The …

Generali Q3 Profit Falls 18% on Decline in Life Insurance Business

Assicurazioni Generali SpA, Italy’s biggest insurer, said third-quarter profit fell 18 percent after operating income declined at its life-insurance business. Net income dropped to 420 million euros [$458.6 million] from 513 million euros [$560.2 million] a year earlier, Trieste-based Generali said in a statement …