It also acquired Italian rival INA, thus strengthening its already dominant position in the fast-growing Italian market. Fazio is worried that increasing Mediobanca's influence over Generali could harm the insurer's standing outside Italy. He hopes that the group will develop into a powerful pan-European financial institution. Most small shareholders also opposed Mediobanca's machinations. Gutty says the change at the top doesn't reflect a revamped strategy.
Shareholders certainly hope so.
Generali may be a dynamo by Italian standards, but it trails behind European archrivals AXA of France and Germany's Allianz on the international scene. Gutty will have to pull out all the stops if Generali is to keep pace. The McGraw-Hill Companies Inc. All rights reserved.