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The change of status is one of the terms of an agreement signed with Generali (MI:GASI), aimed at boosting the capital position of the Verona-based insurer.
Last week Generali agreed to buy a 24.4% stake in Cattolica through an upcoming 300 million euro ($338.16 million) reserved capital increase.
Generali also has the option to subscribe pro-rata to an up to 200 million euros cash call Cattolica is set to approve by July.
Warren Buffett’s Berkshire Hathaway (N:BRKa) is currently the top investor in Cattolica with a 9% stake.
