Cattolica Group
In 1976, with Verona Assicurazioni, Cattolica began to expand and grow its market presence through a network of multi-mandate agents.[7]
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.[10]
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.[11]
In 2003, TUA Assicurazioni was founded, the Cattolica Group's company dedicated to innovation,[12] followed in 2006 by the establishment of Fondazione Cattolica Assicurazioni, representing the company's social responsibility.[13]
In 2007, Banca Popolare di Vicenza, led by Gianni Zonin, acquired an 8% stake in Cattolica, which increased to 15% in 2014.[14][15]
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).[16]
In 2013, Cattolica acquired 100% of Fata Assicurazioni from Generali.[17][18]
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.[19] In October 2019, the Board revoked Alberto Minali's executive powers and appointed general manager Carlo Ferraresi as CEO.[20]
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.[21]
Cattolica becomes a Joint Stock Company
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.[22][23]
On July 30, 2020, Cattolica's shareholders approved the conversion to a joint-stock company,[24] with 70.7% of the votes, and completed on April 1, 2021. 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.[25]
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.[26]
