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Generali files a complaint against the former manager



The fight for control of Italian insurance company Generali Group intensified on Thursday when the company announced that it had lodged an “urgent complaint” with the Italian Securities and Exchange Commission over what it said were “incorrect” and “defamatory” statements by recently fired CEO Luciano Cirinà in press interviews.

Generali also said it would pursue criminal and civil litigation with judicial authorities to prosecute any individual who violates communications rules covering regulated companies.

Mr Cirinà was head of Generali’s operations in Austria and Central and Eastern Europe until it became clear that investors wanted to take control of the company ̵

1; led by Francesco Gaetano Caltagirone, head of the construction conglomerate Caltagirone SpA, and Leonardo Del Vecchio, founder of glasses. giant Luxottica – wanted him to replace CEO Philippe Donnet.

Generali said Cirinà’s comments followed similar statements from Caltagirone.

“The notification calls on the supervisory authority to immediately exercise its powers with regard to communications concerning regulated companies and the legality of the process of obtaining a proxy in relation to the vote at the next Annual General Meeting on 29 April 2022. The current rules require that the request for proxy , accuracy and transparency, Generali said in a statement.

The rebellious shareholders have said that acquisitions, investments in insurtech, focus on real estate / accident deals and cost savings would significantly improve Generali’s profitability and growth.

Investors say Generali risks losing its place among Europe’s “four major” insurance groups, which include Zurich Insurance Group Ltd., Axa SA and Allianz SE, due to a lack of ambition, strategic weaknesses and poor governance.

Investors say that Generali’s market capitalization fell from EUR 37.7 billion ($ 40.75 billion) in 2005 to EUR 29.5 billion in 2021, while Zurich increased from EUR 29.5 billion to EUR 58.1 billion, Axas grew from 60.2 billion to EUR 63.4 billion, and Allianz increased. from EUR 50.8 billion to EUR 85 billion.

During the same period, Generalis’ gross income premium increased from € 62.8 billion to € 75.8 billion, Zurichs from € 39.7 billion to € 47 billion, Allianzs from € 64.8 billion to € 86.1 billion and Axas from € 66 billion to € 96.8 billion.


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