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Cattolica Assicurazioni

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Cattolica Assicurazioni
Native name
Società Cattolica di Assicurazione S.C.
Company typeSocietà per azioni
IndustryFinancial services
Founded27 February 1896 (1896-02-27)
DefunctJune 30, 2023 (2023-06-30)
Area served
Italy
ParentGenerali Italia

Cattolica Assicurazioni was an Italian insurance company, acquired by Generali Italia in 2022 and merged with Genertel in 2023. Since July 2023, Cattolica has operated as a division of Generali Italia.

The company was listed on the FTSE Italia Mid Cap index of the Milan Stock Exchange from November 27, 2000, to August 12, 2022 (ISIN Code: IT0000784154, Ticker: CASS).

History

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Società Cattolica d’Assicurazione was founded in Verona on February 27, 1896, as a cooperative, inspired by the social doctrine of the Catholic Church and the 1891 encyclical Rerum Novarum.[1]

Among the 34 founding members and 36 shareholders were Nicolò Rezzara, Cesare Algranati, Stanislao Medolago Albani, and Giuseppe Tovini.[2] Its purpose was to protect small landowners from hail and weather damage,[3] reflected in its symbol (an angel with the Latin motto "vitam auget securitas" – safety increases life).[4] The company provided both economic and social functions.

In 1898, the fire insurance branch was opened, and in 1900, the company's activities expanded to include life insurance policies. However, the life insurance branch was closed in 1912 with the establishment of INA and its monopoly.[5]

The period around World War I was difficult due to the war and the spread of phylloxera.[6][7]

After the life insurance monopoly ended, Cattolica reopened its life insurance branch in 1924. In the following decades, the company continued to grow and diversify its activities and sales channels.[5]

In the post-war period, it remained the only Italian insurance company to retain a cooperative structure.[8]

Cattolica Group

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In 1976, with Verona Assicurazioni, Cattolica began to expand and grow its market presence through a network of multi-mandate agents.[5]

In the 1990s, Cattolica was among the first insurance companies to adopt a multichannel commercial strategy, adding bancassurance alongside agencies. In 1989, it promoted the establishment of Arca Vita, and in 1996, Risparmio e Previdenza was founded. Also in 1996, Cattolica Aziende was created, dedicated to large industries.[8]

In 2000, the company was listed on the Italian Stock Exchange and established two new life insurance companies: BPV Vita and Lombarda Vita. Around the same time, Duomo Assicurazioni, Maeci, Maeci Vita, and Duomo Previdenza joined the group.[9]

In 2003, Tua Assicurazioni was founded, the Cattolica Group’s company dedicated to innovation,[10][11] followed in 2006 by the establishment of Fondazione Cattolica Assicurazioni, representing the company’s social responsibility.[12]

In 2007, Banca Popolare di Vicenza, led by Gianni Zonin, acquired an 8% stake in Cattolica, which increased to 15% in 2014.[13][14]

In 2012, Cattolica acquired the Ca' Tron estate, which dates back to the 16th century and was originally established by the Tron family as a farming estate. The property spans 2,000 hectares and hosts the campus of a business incubator (H-Farm).[15]

In 2013, Cattolica acquired 100% of Fata Assicurazioni from Generali.[16]

In 2014, the Religious and Non-Profit Entities Observatory was founded, serving as an informational tool for the Religious Entities and Third Sector business unit. In June 2017, Alberto Minali, a former Generali executive, replaced Giovan Battista Mazzucchelli as CEO, leading to a renewal of the company’s management team.

Following the liquidation of Banca Popolare di Vicenza, in October 2017, American financier Warren Buffett acquired 15.7 million shares, making Berkshire Hathaway Inc the largest shareholder of the company, with a 9.05% stake.

In April 2018, a governance shift occurred: while maintaining its cooperative model, the Shareholder Meeting voted to open the company to capital shareholders, allowing them representation on the Board of Directors.[17] In October 2019, the Board revoked Alberto Minali’s executive powers and appointed General Manager Carlo Ferraresi as CEO.[18]

In May 2020, Ivass (the sector's regulatory body) ordered Cattolica's leadership to implement a €500 million capital increase by October 30, 2020, due to solvency risks.[19]

Cattolica becomes a Joint Stock Company

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The fragmented shareholding of the cooperative made it difficult to quickly address the required capital increase. On June 25, 2020, Generali and Cattolica announced a strategic partnership, with Generali becoming the largest shareholder (24.4%) through a reserved capital increase of €300 million, conditional on Cattolica’s transformation into a joint stock company.[20][21]

On July 30, 2020, Cattolica’s shareholders approved the conversion to a joint stock company,[22] with 70.7% of the votes, and on April 1, 2021, the company adopted the name Società Cattolica di Assicurazione S.p.A.. Following the success of the takeover bid launched by Generali, on November 5, 2021, Generali Group became the controlling shareholder of Cattolica Assicurazioni with an 84.475% stake, which increased to 95.112% by July 2022.[23]

On August 12, 2022, the listing and trading of the shares of the insurance company on the Milan Stock Exchange were revoked, as it was fully acquired by Generali for a total expenditure of approximately €1.4 billion. [24]

Cattolica's activities did not stop, and in September 2022, a research study titled “The Evolving Non-Profit. First Report on Insurance Needs, Choices, and Requirements of Entities”,[25] conducted by the company in collaboration with the Catholic University of the Sacred Heart, was presented; the report explores a strategic and underrepresented sector.[26]

On March 28, 2023, IVASS authorized the merger of Genertel into Cattolica Assicurazioni, with the definitive renaming to Genertel (S.p.A.). The legal headquarters was moved to Trieste.[27][28]

As of July 1, 2023, Cattolica became a business unit of Generali Italia and continues to operate under its own brand.[29][30]

References

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  1. ^ Cattolica, il Vaticano e lo “spread” tra soci religiosi e investitori
  2. ^ La Cattolica (Confcooperative)
  3. ^ Chi siamo – la storia di Cattolica
  4. ^ A proposito di Cattolica...
  5. ^ a b c Borrelli, Giorgio; Zalin, Giovanni (1996). La Società Cattolica di Assicurazione nel suo primo secolo di attività [The Cattolica Insurance Company in its first century of activity.] (in Italian). Società Cattolica di Assicurazione.
  6. ^ La storia della fillossera V: la fillossera arriva in Italia
  7. ^ Fillossera
  8. ^ a b CATTOLICA ASSICURAZIONI: E’ CALATO IL SIPARIO SU 127 ANNI DI STORIA
  9. ^ Assetti proprietari delle imprese di assicurazione
  10. ^ TUA Assicurazioni
  11. ^ TUA Assicurazioni ad Allianz, per Generali 280 milioni. La compagnia innovativa fondata da Cattolica nel 2003
  12. ^ La fondazione
  13. ^ Cattolica-Pop Vicenza, l’incrocio fa male ai bilanci
  14. ^ "START OF THE BANKING & INSURANCE PARTNERSHIP BETWEEN THE CATTOLICA AND BANCA POPOLARE DI VICENZA GROUPS" (PDF). Cattolica Assicurazioni. 26 January 2007. Retrieved 24 April 2016.
  15. ^ Benvenuti a Ca' Tron, dove si coltiva il futuro
  16. ^ "CATTOLICA'S AGREEMENT WITH GENERALI FOR THE ACQUISITION OF FATA SIGNED" (PDF). Cattolica Assicurazioni. 20 November 2013. Retrieved 24 April 2016.
  17. ^ Cattolica, assemblea: ok a bilancio e nuova governance
  18. ^ Cattolica, revocate le deleghe all’ad Minali. Titolo in netto calo
  19. ^ Cattolica, Ivass chiede un rafforzamento del capitale da 500 milioni
  20. ^ Generali e Cattolica annunciano l’avvio di una partnership strategica
  21. ^ Generali entra in Cattolica: 300 milioni per il 24,4% del capitale
  22. ^ Cattolica dice sì a spa e spiana la strada per le Generali
  23. ^ Cattolica: Generali al 95%, scatta acquisto azioni rimanenti
  24. ^ Cattolica Assicurazioni verso l'addio alla Borsa. Ad agosto sarà fuori dal listino
  25. ^ I fabbisogni assicurativi del non profit: la ricerca di CESEN e Cattolica Assicurazioni
  26. ^ Cattolica presenta rapporto "Il Non Profit in evoluzione"
  27. ^ Genertel sarà incorporata in Cattolica da luglio
  28. ^ Cattolica cambia nome in Genertel dopo la fusione. Cosa succede ai clienti
  29. ^ Generali Italia completa il processo di integrazione societaria di Cattolica Assicurazioni: un’operazione di successo per tutti gli stakeholder, effettiva da luglio
  30. ^ Generali completa l’integrazione societaria di Cattolica Assicurazioni. Sinergie fino a 130 milioni di euro nel 2025
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