Italian market News

Italian Insurer Cattolica Delays €200M Cash Call due to Generali’s Recent Takeover Offer

MILAN – Italian insurer Cattolica said on Monday it had decided to delay a planned 200 million euro ($244 million) cash call to give its shareholders the chance to take up a buyout offer by bigger peer Assicurazioni Generali. Generali, …

Generali Launches $1.4 Billion Bid to Buy Remaining Shares of Italy Rival Cattolica

Italy’s largest insurer Assicurazioni Generali SpA launched a 1.2 billion-euro ($1.4 billion) bid to buy all the shares it doesn’t already own in smaller rival Societa Cattolica di Assicurazioni, as part of a strategy to cement its already-commanding presence in …

Italy Probes Alleged Cartel Among Auto Insurers, Including Allianz Direct, Zurich

MILAN – Italy’s antitrust watchdog said on Friday it had opened an investigation into an alleged cartel among insurance companies and insurance price comparison companies to limit competition for automobile insurance. In a statement, the Italian Competition Authority said the …

Italy’s Banco BPM to Acquire Full Control of Insurance Joint Ventures with Cattolica

MILAN — Italy’s Banco BPM said it would end an insurance partnership with Cattolica by acquiring full control of their joint-ventures, in a move that may ease a mooted tie-up with BPER Banca. Banco BPM said late on Tuesday it …

Coverys European Holdings Subsidiary Acquires Lloyd’s Italian Coverholder Gava

AEC Wholesale Group, a subsidiary of Coverys European Holdings (CEH), announced the acquisition of Gava S.R.L, a Lloyd’s coverholder based in Brindisi, Italy. AEC Group will assume 100% ownership of Gava, bringing the Italian Lloyd’s coverholder into its existing network …

Coverys European Holdings Acquires Bridge Insurance Broker in Italy

Coverys European Holdings (CEH), an agency platform and network specializing in European markets, has completed the 100% acquisition of Bridge Insurance Broker S.R.L, a Lloyd’s wholesale broker and coverholder based in Lucca, Italy. Bridge provides a full suite of property, …

Update: Italy’s Tax Police Raid Offices of Generali in Probe About Insurance Contracts

Italy’s tax police raided the offices of state railway Ferrovie dello Stato (FS) and Generali to gather documents in a probe related to the awarding of contracts to the Italian insurer, a document seen by Reuters on Friday showed. A …

Italy’s Regulator Asks Insurer Cattolica to Boost Its Capital by $557M on COVID-19 Impact

Cattolica Assicurazioni said on Monday that Italy’s insurance regulator had told it to raise 500 million euros ($557 million) after the coronavirus crisis knocked its solvency ratio, a measure of financial strength. The Bank of Italy warned last month about …

Billionaire Del Vecchio Seeks to Raise Stake in Generali’s Biggest Investor, Mediobanca

Italian eyewear billionaire Leonardo Del Vecchio stepped up his efforts to become a bigger player in Italy’s finance industry, asking for approval to raise his stake in Mediobanca SpA to as much as 20%. The shares jumped as much as …

Italy to Protect Businesses from Liability if Workers Catch Coronavirus: News Report

Italian businesses that follow the health and safety rules are protected from liability in case returning workers catch coronavirus, the head of the country’s insurance association said in an interview with La Stampa. While infections are categorized as workplace accidents …