Assicurazioni Generali Moves in on Cattolica Assicurazioni

Posted on 10/29/2021

Assicurazioni Generali SpA acquired a 54% majority stake in Milan-listed Cattolica Assicurazioni SC (Società Cattolica di Assicurazione – Società Cooperativa), an Italian insurance company. Generali controlled 24% of Cattolica ahead of its takeover offer. In mid-October 2021, Warren Buffett’s Berkshire Hathaway Inc. tendered its 6.9% stake in Cattolica. Generali intends to proceed with a full takeover and is still looking to secure all remaining shares.

In October 2017, Berkshire Hathaway bought around 9% of Cattolica Assicurazioni SC from Banca Popolare di Vicenza SpA, one of two failed banks in the northern region of Veneto. The price on October 6, 2017 was at 7.35 euros each for a total of 115.9 million euros.

Among the competitors of the Cattolica Assicurazioni Group, in the Italian insurance market, there are Generali Group and Unipol Group, both listed on Borsa Italiana and, among unlisted companies, Vittoria Assicurazioni, and Reale Mutua.

In 2013, Cattolica Assicurazioni acquired FATA Assicurazioni Danni from Generali Italia, a subsidiary of Assicurazioni Generali for €179 million. On April 5, 2016 it was announced that the subsidiary would be absorbed by the parent company.

Keywords: Generali Group.

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