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Cattolica Assicurazioni

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Società Cattolica di Assicurazione S.p.A.
FormerlySocietà Cattolica di Assicurazione Soc. Coop. (1896-2020)
Company typePublic
BIT: CASS (delisted)
ISINIT0000784154
IndustryInsurance
FoundedFebruary 27, 1896 (1896-02-27)
Founder
DefunctJune 30, 2023 (2023-06-30)
FateMerged into Genertel
SuccessorGenertel
Headquarters
Trieste
,
Italy
Area served
Italy
ProductsInsurances
Revenue5,793,132 euro (2018) Edit this on Wikidata
3,527,196 euro (2018) Edit this on Wikidata
OwnerGenerali Italia (100%)
Number of employees
1,692 (2018) Edit this on Wikidata
ParentAssicurazioni Generali
Websitewww.cattolica.it

Cattolica Assicurazioni is an Italian insurance company.[1]

Founded in 1896,[2] the company was listed on the FTSE Italia Mid Cap index of the Milan Stock Exchange from November 27, 2000, to August 12, 2022.[3][4]

Acquired by Generali in 2022 and merged with Genertel in 2023, since July 2023, Cattolica Assiucurazioni operates as a division of Generali Italia.

History

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Former logo

Società Cattolica di Assicurazione Soc. Coop. 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.[5]

Among the 34 founding members and 36 shareholders were Nicolò Rezzara, Cesare Algranati, Stanislao Medolago Albani, and Giuseppe Tovini.[6] Its purpose was to protect small landowners from hail and weather damage,[1] reflected in its symbol (an angel with the Latin motto "vitam auget securitas" – safety increases life).[7] 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.[8]

The period around World War I was difficult due to the war and the spread of phylloxera.[9][10]

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.[8]

In the post-war period, it remained the only Italian insurance company to retain a cooperative structure.[11]

In 1976, with Verona Assicurazioni, Cattolica began to expand and grow its market presence through a network of multi-mandate agents.[8]

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.[11]

In 2000, the company was listed on the Milan 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.[12]

In 2003, TUA Assicurazioni was founded, the Cattolica Group’s company dedicated to innovation,[13] followed in 2006 by the establishment of Fondazione Cattolica Assicurazioni, representing the company’s social responsibility.[14]

In 2007, Banca Popolare di Vicenza, led by Gianni Zonin, acquired an 8% stake in Cattolica, which increased to 15% in 2014.[15][16]

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).[17]

In 2013, Cattolica acquired 100% of Fata Assicurazioni from Generali.[18][19]

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 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.[20] In October 2019, the Board revoked Alberto Minali’s executive powers and appointed general manager Carlo Ferraresi as CEO.[21]

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.[22]

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.[23][24]

On July 30, 2020, Cattolica’s shareholders approved the conversion to a joint stock company,[25] 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 became the controlling shareholder of Cattolica Assicurazioni with an 84.475% stake, which increased to 95.112% by July 2022.[26]

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.[27]

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”,[28] conducted by the company in collaboration with the Catholic University of the Sacred Heart, was presented; the report explores a strategic and underrepresented sector.[29]

On March 28, 2023, IVASS authorized the merger of Genertel into Cattolica Assicurazioni, with the definitive renaming to Genertel. The legal headquarters was moved to Trieste.[30][31]

As of July 1, 2023, Cattolica Assicurazioni became a division of Generali Italia and continues to operate under its own brand.[32][33]

References

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  1. ^ a b "Our company profile | Cattolica". www.cattolica.it. Retrieved 2019-07-24.
  2. ^ "Our history and values | Cattolica". www.cattolica.it. Retrieved 2019-07-24.
  3. ^ "Price and performance | Cattolica". www.cattolica.it. Retrieved 2019-07-24.
  4. ^ "Cattolica Assicurazioni - Borsa Italiana". www.borsaitaliana.it. Retrieved 2019-07-24.
  5. ^ Graziani, Alessandro (2019-11-04). "Cattolica, il Vaticano e lo "spread" tra soci religiosi e investitori". Il Sole 24 ORE (in Italian). Retrieved 2020-01-13.
  6. ^ "Centro italiano di documentazione sulla cooperazione e l'economia sociale | Museo virtuale - La Cattolica (Confcooperative)". cooperazione.net. Retrieved 2025-05-07.
  7. ^ "A proposito di Cattolica..." Verona Fedele (in Italian). Retrieved 2025-05-07.
  8. ^ 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.
  9. ^ "La storia della fillossera V: la fillossera arriva in Italia – Guado al Melo" (in Italian). Retrieved 2025-05-07.
  10. ^ "Fillossera - Enciclopedia". Treccani (in Italian). Retrieved 2025-05-07.
  11. ^ a b Sgroi, Fabio (2023-07-16). "CATTOLICA ASSICURAZIONI: E' CALATO IL SIPARIO SU 127 ANNI DI STORIA". TuttoIntermediari (in Italian). Retrieved 2025-05-07.
  12. ^ "b2002_1d.pdf" (PDF). www.ivass.it (in Italian). Retrieved 2024-07-29.
  13. ^ Economia, 2 Mar 2024 |; Finanza; evidenza, In (2024-03-02). "Generali ha venduto TUA Assicurazioni (Cattolica) ad Allianz". www.giornaleadige.it (in Italian). Retrieved 2025-05-07.{{cite web}}: CS1 maint: numeric names: authors list (link)
  14. ^ La fondazione
  15. ^ "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.
  16. ^ "Cattolica-Pop Vicenza, l’incrocio fa male ai bilanci". la Repubblica (in Italian). 2015-09-21. Retrieved 2025-05-07.
  17. ^ Morello, Marco (2021-02-19). "Benvenuti a Ca' Tron, dove si coltiva il futuro". Panorama (in Italian). Retrieved 2025-05-07.
  18. ^ "CATTOLICA'S AGREEMENT WITH GENERALI FOR THE ACQUISITION OF FATA SIGNED" (PDF). Cattolica Assicurazioni. 20 November 2013. Retrieved 24 April 2016.
  19. ^ "MERGER BY INCORPORATION OF FATA ASSICURAZIONI INTO CATTOLICA ASSICURAZIONI" (PDF). Cattolica Assicurazioni. 5 April 2016. Retrieved 24 April 2016.
  20. ^ Adnkronos. "Cattolica, assemblea: ok a bilancio e nuova governance". Adnkronos (in Italian). Retrieved 2024-12-29.
  21. ^ Davi, Luca (2019-10-31). "Cattolica, revocate le deleghe all'ad Minali. Titolo in netto calo". Il Sole 24 ORE (in Italian). Retrieved 2025-05-07.
  22. ^ "Cattolica, Ivass chiede un rafforzamento del capitale da 500 milioni". la Repubblica (in Italian). 2020-05-30. Retrieved 2025-05-07.
  23. ^ "Generali e Cattolica annunciano l'avvio di una partnership strategica - dettaglio comunicati | Cattolica". www.cattolica.it (in Italian). Retrieved 2020-08-13.
  24. ^ Galvagni, Laura (2020-06-25). "Generali entra in Cattolica: 300 milioni per il 24,4% del capitale". Il Sole 24 ORE (in Italian). Retrieved 2025-05-07.
  25. ^ "Cattolica dice sì a spa e spiana la strada per le Generali - Notizie - Ansa.it". Agenzia ANSA (in Italian). 2020-07-31. Retrieved 2025-05-07.
  26. ^ "Cattolica: Generali al 95%, scatta acquisto azioni rimanenti". Teleborsa (in Italian). Retrieved 2025-05-07.
  27. ^ Finanza, MF Milano (2022-07-07). "Cattolica Assicurazioni verso l'addio alla Borsa. Ad agosto sarà fuori dal listino | MilanoFinanza News". MF Milano Finanza (in Italian). Retrieved 2025-05-07.
  28. ^ Redazione (2022-10-19). "I fabbisogni assicurativi del non profit: la ricerca di CESEN e Cattolica Assicurazioni". Secondo Welfare (in Italian). Retrieved 2025-05-07.
  29. ^ "Cattolica presenta rapporto "Il Non Profit in evoluzione"". Teleborsa (in Italian). Retrieved 2025-05-07.
  30. ^ "Genertel sarà incorporata in Cattolica da luglio". TriestePrima (in Italian). Retrieved 2025-05-07.
  31. ^ Schiro, Giulia (2023-05-11). "Cattolica si chiamerà Genertel post fusione. Cosa cambia | WSI". Wall Street Italia (in Italian). Retrieved 2025-05-07.
  32. ^ Italia, Generali. "Generali Italia completa il processo di integrazione societaria di Cattolica Assicurazioni". www.generali.it (in Italian). Retrieved 2025-05-07.
  33. ^ Forbes.it (2023-07-06). "Generali completa l'integrazione societaria di Cattolica Assicurazioni. Sinergie fino a 130 milioni di euro nel 2025". Forbes Italia (in Italian). Retrieved 2025-05-07.
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