Generali strengthens in Poland and continues its international asset management strategy. The giant led by Philippe Donnet has completed the acquisition of Union Investment TFI, a Polish asset management company, from the German group Union Asset Management Holding.
The operation has received the go-ahead from competition authorities and regulatory bodies. With approximately 135.000 retail and 550 institutional investors, the firm owns diversified equity, fixed-income and absolute-return funds.
Generali's interest in Poland is not new. The company has been active in Warsaw for 21 years, can count on 1.600 local employees, supplies P&C and Life products to retail and corporate customers, as well as being active in the pension fund segment. In November 2018 Generali signed the definitive agreement to buy the Concordia insurance companies specialized in the agricultural sector. Generali is among the five largest insurance groups in the Polish market with gross premiums of 670 million and a market share of 5% in 2018.
At Piazza Affari, the Generali share gained more than 2% reaching 16,57 euros, retracing the performance of the main list, currently up by 2,4%.
At this juncture we recall that on 17 June, Borsa Italiana - through internal dealing communications, revealed that on 14 June Francesco Gaetano Caltagirone, through VM 2006, acquired 500 thousand shares of the Group, at the price of 16,1364 euros. The property developer therefore spent 8,07 million euros to acquire 0,033% of the Generali group and raise the stake to 5,14%.
