CASS Societa Cattolica Di Assicurazione Scarl

By Ed Frankl

Assicurazioni Generali SpA said Thursday that it had made further progress toward a full takeover of rival Cattolica Assicurazioni SC.

Italy's largest insurer said it now owns 84.475% of its smaller peer, with 60.803% of the share capital targeted by its offer tendered.

Generali's Chief Executive Philippe Donnet said it will strengthen the company's position in the Italian market and among large European insurers.

"The transaction will make it possible to further integrate the business models of Generali and Cattolica, as has already transpired since the creation of the partnership signed in June 2020, and will deliver significant value creation for all stakeholders," he added.

The news prompted investment bank Oddo BHF to raise its 2022 and 2023 earnings-per-share forecasts for Generali by 2.3% and 3.1% respectively.

Oddo also predicted operating-profit growth in Generali's nine-month earnings, despite high natural-catastrophe losses in the third quarter.

Generali will publish nine-month results on Nov. 11.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

November 04, 2021 08:16 ET (12:16 GMT)

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