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☆ Insurers can underwrite dirty energy with impunity
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 9 (Reuters Breakingviews) - Insurers used to get heat for underwriting fossil fuels. Membership of bodies like the Net-Zero Insurance Alliance (NZIA) was supposed to mean financial groups would cease supporting oil, gas and coal, speeding the pace of decarbonisation. Similarly, five of the Lloyd’s insurance market’s managing agents – RiverStone, Chaucer, RenaissanceRe, Ascot and Aegis – have not implemented any restrictions on fossil fuels. Insurers have even fewer qualms about supporting oil and gas. Governments have made energy security a key priority since Russia’s invasion of Ukraine, and can reasonably argue that abrupt halts to backing fossil fuels will just mean higher energy prices.

Persons: Warren, Berkshire Hathaway, Starr don’t, – RiverStone, Chaucer, Insuramore, Pamela Barbaglia, George Hay, Oliver Taslic Organizations: Reuters, Zero Insurance, Axa, Everest, Aegis, Reuters Graphics, X, Bayer, SEC, Paramount, Thomson Locations: Zurich, PICC, RenaissanceRe, Ascot, Ukraine

☆ Generali has 500 mln euros left for M&A, could return it to investors, CEO says
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

An Assicurazioni Generali SpA's logo is seen on a building of their offices in Saint-Denis, near Paris, France, February 27, 2018. REUTERS/Benoit Tessier/File photo Acquire Licensing RightsMILAN, Nov 8 (Reuters) - Italy's top insurer Assicurazioni Generali (GASI.MI) still has 500 million euros ($533.10 million) left for M&A deals, which will be returned to shareholders if not used for acquisitions, its Chief Executive Philippe Donnet said on Wednesday. In June, the insurer agreed to buy the Spanish unit of U.S. insurer Liberty Mutual for 2.3 billion euros, strengthening its property and casualty segment. I cannot say whether we will make another acquisition before the end of the plan. If we do not use this cash for an acquisition, we will return it to the shareholders", Donnet said.

Persons: Denis, Benoit Tessier, Assicurazioni, Philippe Donnet, Generali, Liberty Seguros, Donnet, Gianluca Semeraro, Gavin Jones Organizations: REUTERS, Liberty Mutual, Holdings, Liberty, Thomson Locations: Saint, Paris, France, Europe, Asia, United States, Connecticut

Cinven this month signed an accord with GIC, Singapore's sovereign fund, and another two investors to purchase from them 140 million euros of Tier2 Eurovita bonds, the source added. Cinven, which acquired Eurovita in 2017, also launched a tender offer to buy back another 20 million euros of bonds from investors including Italian financial institutions, so that only around 9 million remain outstanding, the source said. Italian insurance authorities placed Eurovita under special administration this year, the first time they have taken such a step, after rising rates blew a hole in the life insurer's cash reserves. Instead, Cinven was asked to carry out the debt buyback and cancel the bonds to support a solvent liquidation, one of the people added. Like other life insurers, especially those relying on banks to sell products, Eurovita was hit by early redemptions once rates started rising and savers sought better returns.

Persons: Matthew Childs, Cinven, Eurovita, Assicurazioni, Valentina Za, Emilio Parodi, Josie Kao Organizations: REUTERS, Reuters, GIC, Germany's Allianz, Allianz, Thomson Locations: London, Britain, Cinven

TUA Assicurazioni, a non-life company founded in 2003, is valued at around 300 million euros ($335 million), according to the sources. Two sources mentioned German insurance heavyweight Allianz (ALVG.DE), fellow German insurer Talanx (TLXGn.DE) and France's Groupama as potential bidders. One of them also named Italy's Itas as one of up to five parties that could bid in the second round. Talanx has expressed interest in ICCREA's non-life business and is competing with Swiss Helvetia Group (HELN.S), Groupama and Italian cooperative insurer Assimoco. ($1 = 0.8946 euros)Additional reporting by Gianluca Semarero in Milan, writing by Keith Weir Editing by Keith Weir and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: TUA, TUA Assicurazioni, Italy's, ICCREA, Talanx, Rothschild, Mediobanca, Groupama, Gianluca Semarero, Keith Weir, Louise Heavens Organizations: Generali, Cattolica, Allianz, Swiss Helvetia Group, Itas, Thomson Locations: MILAN, Generali, Mediobanca, Talanx, Milan

The pan-European STOXX 600 index (.STOXX) dipped 0.2%, reversing gains of some 0.4%, to kick off the first day of the second half of the year on the back foot. The broader healthcare index (.SXDP) fell 2.0%, leading falls among sectors. The moves helped Italy's financials-heavy benchmark FTSE MIB (.FTMIB) climb 0.8%, a bright spot among other bourses in the region. The broader STOXX 600 had gained 8.7% in the first half of the year, largely due to strong gains early into 2023. "A muted atmosphere prevails across stock markets this afternoon," said Chris Beauchamp, chief market analyst at online trading platform IG.

Persons: Assicurazioni, Delfin, Italy's, Chris Beauchamp, Amruta Khandekar, Shreyashi Sanyal, Matteo Allievi, Nivedita Bhattacharjee, Janane Venkatraman, Conor Humphries Organizations: Miners, AstraZeneca, Generali, British, MIB, European Central Bank, Thomson Locations: China, Bengaluru, Gdansk

☆ European shares gain on boost from miners; Generali shines
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - European shares gained on Monday as further evidence of weak growth in China supported hopes of a policy stimulus, while Generali jumped after Delfin was authorized to hold an over 10% stake in Italy's biggest insurer. The pan-European STOXX 600 index (.STOXX) was up 0.2% by 7:03 GMT, kicking off the second half of the year on positive note after notching solid gains in the first six months. Shares of Assicurazioni Generali (GASI.MI) jumped 4.3% after Italy's insurance regulator said it had authorized investor Delfin to hold a stake of over 10% in the company. Tesla's Frankfurst-listed shares advanced 4.9% after the EV maker beat second-quarter delivery estimates. Investor focus was on Purchasing Managers' Index (PMI) data from the euro zone due later in the day.

Persons: Generali, Delfin, Tesla's, Amruta Khandekar, Nivedita Organizations: Miners, Thomson Locations: China

☆ Italy’s hottest financial saga gets new twist
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

MILAN, July 3 (Reuters Breakingviews) - Italy’s most gripping corporate soap opera has entered a new chapter. Delfin, the holding company of the family of late eyewear billionaire Leonardo Del Vecchio, won regulatory approval to raise its stake in Assicurazioni Generali (GASI.MI) above its current holding of about 10%. The saga also involved a failed attempt by a broader anti-Mediobanca coalition to replace Generali CEO Philippe Donnet last year, but seemed to quiet down after Del Vecchio passed away in June 2022. Despite the market rally, there is no sign that the Del Vecchio clan wants to increase its Generali presence right now. The family could nonetheless still increase its bet at some point in the future, but the next Generali plot twist may take time to materialise.

Persons: Delfin, Leonardo Del Vecchio, Assicurazioni, Del Vecchio, Philippe Donnet, Lisa Jucca, Liam Proud, Oliver Taslic Organizations: MILAN, Reuters, Delfin, Del, Twitter, KKR, Thomson Locations: Mediobanca, Generali, China

☆ Generali’s pounce may win over in-house sceptics
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

The 29 billion euro Italian insurer on Thursday agreed to purchase Liberty Seguros, a group of European businesses, from U.S. insurer Liberty Mutual for 2.3 billion euros in cash. The Italian insurer’s largest acquisition since 2013 nearly exhausts its M&A firepower, which the group had assessed at between 2.5 billion euros and 3 billion euros. At 2.3 billion euros, or nearly two times its 1.2 billion euros of annual revenue, Liberty Seguros’ price tag does not look cheap. But the real price falls to 1.8 billion euros after factoring in around 500 million euros of cash expected from a sale of Brazilian assets announced earlier this year. Assuming three-quarters of these are cost cuts, they may be worth around 800 million euros once taxed at 25% and capitalised.

Persons: Francesco Gaetano Caltagirone, Philippe Donnet, Generali, Lisa Jucca, Pierre Briancon, Oliver Taslic Organizations: MILAN, Reuters, Liberty, Liberty Mutual, Axa, Allianz, Twitter, Thomson Locations: U.S, Italian, Iberia, Spain, Portugal, Europe, Cava

☆ New L&G CEO has ways to tackle Brexit discount
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 15 (Reuters Breakingviews) - Britain’s Legal & General (LGEN.L) is betting on an outsider to offset a valuation discount against non-UK rivals. The $17 billion insurer has picked Banco Santander’s (SAN.MC) regional head of Europe António Simões as its new CEO. The unit’s non-UK assets accounted for 43% of new money last year. The arrival of the Portuguese-born banker will cost L&G 1.175 million pounds in annual basic salary, 9% more than Wilson’s base pay. That adds pressure for Simões to tackle L&G’s Brexit valuation gap.

Persons: Nigel Wilson –, –, Simões, Assicurazioni, Wilson, Pamela Barbaglia, Lisa Jucca, Oliver Taslic Organizations: Reuters, Banco Santander’s, Allianz, HSBC, HK, G Capital, Twitter, Bank, Thomson Locations: Europe, Zurich, London, Hong Kong, United States, Portuguese, India

MILAN, April 26 (Reuters) - Italian unlisted cooperative banking group ICCREA is awaiting by the end of May offers for its insurance business which it values at up to 950 million euros ($1.05 billion) in total, sources with knowledge of the matter said on Wednesday. ICCREA bought out its partner Cattolica, an Italian insurer now owned by bigger peer Generali (GASI.MI), after their accord expired at the end of last year and was not renewed, the three sources said. Cattolica and ICCREA had agreed in 2019 to extend until the end of 2022 their partnership under a deal that saw Cattolica raise to 70% its ownership of their insurance joint-ventures BCC Vita and BCC Assicurazioni. Now in possession of 100% of its insurance business, ICCREA is working with adviser KPMG to select new partners for both its life- and non-life divisions, the sources said. ICCREA Director General Mauro Pastore said in February the bank expected to select one or more partners for its insurance business by the end of the year.

☆ Generali provides dividend cheer, no exposure to SVB
▼ + stars: | 2023-03-14 | by ( Gianluca Semeraro | ) www.reuters.com time to read: +2 min

SummarySummary Companies 2022 operating profit 6.5 bln euros vs forecast 6.19 bln2022 dividend up 8.4%Shares rise 2%MILAN, March 14 (Reuters) - Italy's Assicurazioni Generali (GASI.MI) surprised investors on Tuesday by hiking the dividend payout on its 2022 results after posting its best operating profit ever. Finance chief Cristiano Borean also told reporters the leading Italian insurer had no exposure to collapsed U.S. lender Silicon Valley Bank (SVB) (SIVB.O) and just "a marginal" position in its third-party risk portfolio. Generali shares were up 2% in early trade, outperforming a flat Italian blue-chip (.FTMIB) index. The solvency ratio, a measure of the financial strength of Generali, stood at 221% at the end of 2022 and had risen to 230% as of March 10. ($1 = 0.9354 euros)Reporting by Gianluca Semeraro Editing by Alvise Armellini and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's Generali reports record operating profit in 2022
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

MILAN, March 14 (Reuters) - Italy's top insurer Assicurazioni Generali (GASI.MI) said on Tuesday it beat estimates with its 2022 results, posting its best operating profit ever as higher interest rates boosted the life insurance business. Net operating profit, the figure most closely watched by the market, grew 11.2% to 6.5 billion euros ($6.95 billion), above an analysts' consensus provided by the company of 6.19 billion euros. Net profit came in at 2.91 billion euros, up 2.3% from 2021, despite a negative impact from Russian investments of 154 million euros. The profit was above an analysts' consensus of 2.81 billion euros. ($1 = 0.9351 euros)Reporting by Gianluca Semeraro; editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

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☆ French bank Credit Agricole strikes bancassurance deal with Italy's Banco BPM
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: 1 min

PARIS, Dec 23 (Reuters) - French bank Credit Agricole (CAGR.PA) said on Friday it had struck a long-term bancassurance partnership deal with Italy's Banco BPM (BBPM) (BAMI.MI) to provide non-life insurance products and related services through BBPM's networks. As part of the deal, the French bank's Credit Agricole Assurances (CAA) division will buy from Banco BPM 65% of the share capital of both Vera Assicurazioni and Banco BPM Assicurazioni. Reporting by Sudip Kar-Gupta, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Agricole strikes bancassurance deal with Italy's Banco BPM
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

The deal allows the provision of non-life insurance products and related services through BBPM's networks for a 20-year period. It also stipulates that the French bank's Credit Agricole Assurances (CAA) division will buy from Banco BPM 65% of the share capital of both Vera Assicurazioni and Banco BPM Assicurazioni. "We are very pleased that our long-standing strategic partnership with Banco BPM will soon be strengthened," Credit Agricole CEO Philippe Brassac said in a statement. Credit Agricole has a 9.18% stake in Banco BPM, Italy's third-largest bank behind Intesa Sanpaolo (ISP.MI) and UniCredit (CRDI.MI). Three weeks ago, Banco BPM picked Credit Agricole over a rival bid from French insurer AXA (AXAF.PA) to start exclusive talks over a non-life insurance partnership.

☆ Credit Agricole, AXA to bid this week for Banco BPM's insurance deal-sources
▼ + stars: | 2022-10-18 | by ( Andrea Mandala | ) www.reuters.com time to read: +2 min

Credit Agricole has bought 9.2% of Banco BPM this year with a view to expanding their strategic partnerships beyond consumer finance. Insurance and asset management, which Banco BPM has put at the core of its profit strategy, are seen as the obvious candidates. Banco BPM, AXA, Credit Agricole and Generali all declined to comment. Banco BPM CEO Giuseppe Castagna recently said the bank was in no rush to select an insurance partner. In August Banco BPM had indicated it would take a decision by the end of the year.

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