On July 3, 2023, Italy’s insurance regulator, IVASS, granted authorization to Delfin to hold a stake of more than 10% in Assicurazioni Generali (GASI.MI), which is the largest insurer in the country. Delfin is a holding company owned by Leonardo del Vecchio, an Italian billionaire and the founder of Luxottica, a renowned eyewear maker.
Delfin acquired a 9.9% stake in Generali in April 2022 and sought IVASS’s approval to increase its stake to 10.7%. Initially, the regulator declined the request, expressing concerns about Delfin’s plans for Generali.
However, IVASS announced a change of heart on Friday, allowing Delfin to hold a stake of up to 10.5%. The regulator considered Delfin’s commitment to supporting Generali’s long-term strategy in its decision.
With its increased stake, Delfin gains more influence over Generali’s management. Delfin has been critical of the current management and has been advocating for a leadership change. The outcome of Delfin’s efforts to replace Generali’s CEO, Philippe Donnet, remains uncertain.
The approval of Delfin’s stake increase marks a significant development in the battle for control of Generali. The reaction of other Generali shareholders to this news is yet to be seen. However, it is evident that Delfin has become a major player in the company, and its increased stake empowers it to have a greater say in shaping Generali’s future.
