Assicurazioni Generali S.p.A. ( , ; meaning 'general insurances') or commonly known as Generali Group is an Italian insurance company based in Trieste. As of 2022, it is the largest insurance company in Italy and ranks among the world’s largest insurance companies by net premiums and assets.
Generali's major competitors at the international level are AXA, Allianz and Zurich Insurance Group. The company is listed on the Milan stock exchange and is part of the FTSE MIB index of the same stock exchange.
History
Established on December 26, 1831 as the Imperial Regia Privilegiata Compagnia di Assicurazioni Generali Austro-Italiche ('Imperial and Royal Privileged Company for General Austrian-Italian Insurances') in Trieste. Its promoter was Giuseppe Lazzaro Morpurgo. The adjective "Generali" ("general") referred to the company's comprehensive insurance coverage across all the branches (fire, life, hail, sea, land and river transport). This approach was rare at the time when most Trieste insurance companies focused solely on maritime transport, except for the Azienda Assicuratrice, which also dealt with hail insurance. The "Austrian-Italian" label referred to the company's dual management structure, with the main office in Trieste responsible for the company's affairs and relations with the Habsburg Monarchy, (at the time, Trieste was the most important seaport of the Austrian Empire). Meanwhile, a management office in Venice oversaw activities in Lombardy-Venetia and the Italian peninsula. Financed with a share capital of two million florins, Generali attracted a diverse group of shareholders from Trieste and Lombardy-Venetia, including influential figures like Giovanni Cristoforo Ritter de Záhony, Giovanni Battista de Rosmini, Marco Parente, Samuele Della Vida, and Pasquale Revoltella. The Habsburg eagle symbol, a nod to Trieste's Austrian possession since 1382 until 1918, was chosen as the company's emblem. Generali's early presence in multiple markets stemmed from the historically commercial nature of both Trieste and Venice. In its first decade, the company's agency network expanded across all Italian states, major cities of the empire, and leading European ports.
Until 1847, Gianbattista de Rosmini, the legal adviser and a significant shareholder, played a pivotal role, serving as the permanent president of the General Congresses and effectively leading the company. Following the uprisings of the Risorgimento in 1848, the "Austrian-Italian" adjective was dropped, and the company became only Assicurazioni Generali. By 1856, Generali had grown to become the largest insurance company in the Austrian Empire, culminating in its listing on the Trieste Stock Exchange the following year. Following Italy's unification, Generali's Venetian management led the company to become the largest insurance company in the newly formed kingdom, with Samuele Della Vida overseeing the Italian branch until 1875.
In 1869, Generali foresaw the significant impact of the Suez Canal's inauguration on world trade. Key figures within the company, including Pasquale Revoltella and Giuseppe Morpurgo, were involved in the historic event, with Revoltella becoming the vice president of the Universal Company of the Suez Canal. The opening of the canal brought about a favorable economic climate for Generali, leading to its expansion across various regions, from the eastern Mediterranean to North Africa, the Far East, and the Americas.
Under the stewardship of Marco Besso, who managed the company from 1877 to 1920 and eventually became its president, Generali assumed an international dimension. The company opened agencies in the Mediterranean, St. Petersburg, Warsaw, the Americas, and the Far East, while also founding subsidiaries such as Erste Allgemeine Schaden und Unfallversicherung in Vienna, Generala in Romania, Anonima Grandine, and Anonima Infortuni in Italy. During this period, Generali's most prestigious Italian offices were constructed, including notable buildings in Florence, Trieste, Milan, Rome, and Turin. In 1914, the Procuratie Vecchie, the seat of the Venice administration, underwent restructuring. Amidst the challenges of the First World War, which pitted Italy against Austria-Hungary, Generali's Venetian and Trieste headquarters maintained their operational independence, allowing the company to navigate complex circumstances without taking political positions that could compromise its integrity.