What will Generali be like with Cattolica
Generali Italia has completed one of the main steps in the Cattolica Assicurazioni corporate integration process. All the details
Generali completes integration of Cattolica.
Here are all the details
COMPLETED ONE OF THE MAIN STEPS
Generali Italia has completed one of the main steps in the corporate integration process of Cattolica Assicurazioni, effectively creating the first company in Italy in both the Non-Life and Life sectors. underlines a note from the group.
CATTOLICA NUMBERS FOR GENERALI
In fact, the deed has been signed which entails, from 1 July, Cattolica's entry into Generali Italia as a division generating, one year early, synergies of up to 130 million euro at the end of 2025, exceeding 80 million euro initially envisaged.
THE GROUP'S STRATEGY
The integration of Cattolica, underlines a note, represents the most important operation of Generali Italia within the Group's strategic plan, “Lifetime Partner 24: Driving Growth”.
The path, continues the press release, “was based on 3 pillars: shared, clear and long-term vision focused on sustainability to generate a positive impact on the real economy; generation of value for all stakeholders; maintenance of the Cattolica brand in the interest of the territory, employees, customers and agents. In addition to the adoption of complementary business models, what determined the success of the integration was above all the commonality of values: valorisation of people; focus on the result; openness to the world from different perspectives; professionalism of the distribution networks; attention to the territory and to the communities”.
FANCEL (CEO OF GENERALI ITALIA): “WITH CATHOLIC INTEGRATION, NUMBER ONE OPERATOR IN THE INSURANCE MARKET”
“With the integration of Cattolica we are now the number one operator on the Italian insurance market: a source of pride, but also a great responsibility towards all our stakeholders” commented Giancarlo Fancel, Country manager and CEO of Generali Italia.
“Thanks to our successful experience in projects of this type – continued Fancel -, to the commitment of all our colleagues, to the daily work of the distribution networks of the two companies, which over the past year have never lost sight of the relationship with the customer, we completed this operation very quickly. In this important phase of integration we were able to mutually enrich the expertise and excellence, enhancing the skills of Cattolica's people. Through its brand, Cattolica will continue to develop its traditional business, as well as a focus on distinctive sectors such as agriculture, religious bodies and the third sector. With this new organization, enhancing the complementarity of the respective business models, we aim to strengthen our offer of innovative products and solutions to our 12 million customers".
THE ACCELERATION DECIDED LAST YEAR
To further strengthen the corporate structure and anticipate the achievement of industrial synergies, the note notes, an acceleration of the process was decided in September last year, bringing forward the integration to 2023.
THE NEW CORPORATE REORGANIZATION
In order to be even more agile and efficient, a new corporate reorganization was designed which led to the merger of Genertel into Cattolica and the simultaneous renaming of Cattolica into Genertel, enhancing Cattolica's mixed license (Non-Life and Life).
The operation, authorized on 28 March by Ivass , guarantees greater consistency with the operating and business model of Country Italia which envisages dedicated legal entities by distribution channel: Generali Italia and Cattolica through the agency networks; Alleanza Assicurazioni through a proprietary network of employees and Genertel with the direct channel.
THE CONSEQUENCES FOR CATTOLICA
The Cattolica brand, an important value of the Company thanks to the excellent work of the agency network which remains confirmed in its independence, remains on the market and continues to offer its solutions to all customers at 360 degrees, with a focus on distinctive sectors such as agriculture, religious organizations and the third sector.
SYSTEMS, PROCESSES AND PRODUCTS ROLL-OUT PLAN CONFIRMED
The roll-out plan of systems, processes and products on the Cattolica Network remains confirmed, together with the development of Cattolica's offer in the sectors of interest.
The Verona office also becomes a Country Pole, assuming strategic importance: mainly focused for Cattolica on the Non-Life business and the Network, the agro-food business activities and the Religious Entities and Third Sector Business Unit. It will also host Cattolica's expertise and operational capabilities that will serve the respective country functions.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/come-sara-generali-con-cattolica/ on Wed, 05 Jul 2023 14:49:25 +0000.