GENERALI MAKES BID FOR CATTOLICA AS IT COMPLETES DEAL IN GREECE

Generali is seeking to acquire Italian non-life and life insurer Società Cattolica di Assicurazione (Cattolica) for $1.4bn. On Monday, the board of Generali approved a cash public tender offer on all of the ordinary shares of Cattolica for €6.75 per share. According to Generali, the transaction would consolidate the insurer’s position in the Italian and European insurance markets and accelerate its business mix diversification towards property and casualty. Separately, Generali completed its acquisition of Axa’s property and casualty and life and savings businesses in Greece for €167m in cash. The transaction, first announced in December 2020, strengthens Generali’s position in Greece, ranking the insurer second in the non-life market and third for health.