Completed a new important piece in the integration between Generali Italia and Cattolica Assicurazioni. The Leone company communicated that it has completed “one of the main steps in the process of corporate integration of Cattolica Assicurazioni, effectively creating the first company in Italy in both the Non-Life and Life sectors"
Cattolica becomes a division of Generali Italia, synergies for 130 million
Generali Italia has announced that it has signed the deed which, from 1 July, entails the entry of Cattolica into Generali Italia as a division generating, one year in advance, synergies up to 130 million euros at the end of 2025, exceeding the 80 million euros initially envisaged.
In fact, the company explains that, in order to further strengthen the corporate structure and anticipate the achievement of industrial synergies, an acceleration of the process was decided in September 2022, bringing forward the integration to 2023. A new corporate reorganization was also designed which led to the merger of Genertel into Cattolica and the simultaneous renaming of Cattolica into Genertel, enhancing Cattolica's mixed license (Non-Life and Life). The operation obtained the green light from IVASS at the end of March.
"The integration of Cattolica represents the most important operation of Generali Italia within the group's strategic plan, Lifetime Partner 24: Driving Growth", underlines the company, explaining how the path was based on three pillars: shared, clear and long-term vision focused on sustainability to generate a positive impact on the real economy; generation of value for all stakeholders; maintenance of the Cattolica brand in the interest of the territory, employees, customers and agents. “In addition to the adoption of complementary business models, what determined the success of the integration was above all the commonality of values: valorisation of people; focus on the result; openness to the world from different perspectives; professionalism of the distribution networks; attention to the territory and to the communities”, reads the note.
The CEO Fancel: "We are the first Italian insurance operator"
Giancarlo Fancel, Country Manager and CEO of Generali Italia declared: “With the integration of Cattolica we are today the number one operator on the Italian insurance market: a source of pride, but also a great responsibility towards all our stakeholders”.
“We completed this operation very quickly – he added -. In this important phase of integration we were able to mutually enrich the expertise and excellence, enhancing the skills of Cattolica's people.
Speaking about the future, Fancel explained: “Through its brand, Cattolica will continue to develop its traditional business, in addition to a focus on distinctive sectors such as agriculture, religious organizations and the third sector. With this new organization, enhancing the complementarity of the respective business models, we aim to strengthen our offer of innovative products and solutions to our 12 millions of customers".
