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Generali files complaint against former executive

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Generali

The battle for control of Italian insurer Generali Group intensified Thursday as the company announced that it has filed an “urgent complaint” with the Italian securities regulator over what it says were “incorrect” and “defamatory” statements made by recently fired executive Luciano Cirinà in press interviews.

Generali also said that it would pursue criminal and civil legal proceedings with judicial authorities to prosecute any individual who breaks communications rules covering regulated companies.

Mr. Cirinà was the head of Generali’s Austria and Central and Eastern European operations until it became clear that investors seeking to take control of the company – led by Francesco Gaetano Caltagirone, head of construction conglomerate Caltagirone S.p.A, and Leonardo Del Vecchio, founder of eyewear giant Luxottica – wanted him to replace CEO Philippe Donnet.

Generali said that Mr. Cirinà’s comments followed similar statements made by Mr. Caltagirone.

“The filing urges the regulator to urgently exercise its powers with regards to communications concerning regulated companies and the lawfulness of the process for the solicitation of proxies in relation to the vote at Generali’s upcoming annual general meeting on April 29, 2022. The regulations in force require that the solicitation of proxies follows the principles of diligence, accuracy and transparency,” Generali said in a statement.

The rebel shareholders have said acquisitions, investments in insurtech, a focus on property/casualty business and cost-cutting efforts would significantly improve Generali’s profitability and growth.

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

The investors say Generali’s market capitalization fell from €37.7 billion ($40.75 billion) in 2005 to €29.5 billion in 2021, while Zurich’s rose from €29.5 billion to €58.1 billion, Axa’s grew from €60.2 billion to €63.4 billion, and Allianz’s rose from €50.8 billion to €85 billion.

Over the same period, Generali’s gross written premium rose from €62.8 billion to €75.8 billion, Zurich’s from €39.7 billion to €47 billion, Allianz’s from €64.8 billion to €86.1 billion, and Axa’s from €66 billion to €96.8 billion.