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CASS - Societa Cattolica Di Assicurazione SpA News Story

€5.59 -0.1  -2.4%

Last Trade - 24/01/22

Sector
Financials
Size
Mid Cap
Market Cap £960.3m
Enterprise Value £1.60bn
Revenue £4.21bn
Position in Universe 159th / 737

UPDATE 1-Italian insurer Cattolica ousts CEO over strategy differences

Thu 31st October, 2019 6:43pm
(Adds quotes, background)
    MILAN, Oct 31 (Reuters) - The board of Cattolica
Assicurazioni  CASS.MI  has ousted Chief Executive Alberto
Minali citing differences over the company's structure,
strategy, relations with shareholders and the market, the
company said on Thursday.
    It said all of the chief executive's powers had been
transferred to the insurer's Managing Director Carlo Ferraresi.
    Minali, a former CFO at bigger rival Generali  GASI.MI , had
been at the helm of Cattolica since June 1, 2017. Warren
Buffett's Berkshire Hathaway  BRKa.N  has a 9% stake in
Cattolica, Italy's fifth largest insurer by gross premiums,
according to calculations by investment bank Mediobanca.
    A source close to the matter said Minali had been at odds
for some time with Cattolica's chairman, Paolo Bedoni, on a
number of issues including the possibility of transforming the
cooperative insurer into a joint stock company - a plan backed
by Minali but opposed by Bedoni.
    Minali's stance towards the board of directors had become
"neither smooth nor positive", the company said in a statement.
    It was not immediately possible to reach Minali for comment.
    

 (Reporting by Elvira Pollina and Andrea Mandala, editing by
Silvia Aloisi and Alexandra Hudson)
 ((elvira.pollina@thomsonreuters.com; 0039 0266129486; Reuters
Messaging: elvira.pollina.thomsonreuters.com@reuters.net))
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