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Bernheim to replace Gutty as Generali chairman

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TRIESTE, Italy--Gianfranco Gutty has resigned as chairman of Assicurazioni Generali S.p.A. and will be replaced by current Vice Chairman Antoine Bernheim, Generali announced Thursday.

Trieste, Italy-based Generali in May made several changes to its management board, including removing the executive powers of Mr. Gutty (BI, May 6). Mr. Gutty felt that "some of the conditions of his mandate no longer existed" and had decided to resign, the company said in a Sept. 12 statement.

Meanwhile, Generali announced that it had posted profits of 51 million euros ($50.5 million) for the first half of 2002, a significant fall from the 724 million euros ($716.2 million) profit for the comparable period in 2001. The insurer attributed the drop chiefly to write-downs of 1.55 billion euros ($1.53 billion) on its equity portfolio.

Gross premiums rose 2.4% to 28.83 billion euros ($28.5 billion), the company said.

Generali also reported that its claims from recent flooding in Europe would likely total about 90 million euros ($89.0 million).