Generali, an Italian insurance company based in Trieste, completed the acquisition of a 76.33% stake in Cattolica, an Italian insurance company, for $1.4bn. "The Italian and European insurance sector is now facing important changes that will see technological innovation of products and processes as the main drivers for the creation of value. In this context, large operators such as Generali will play an increasingly important role and with consequent direct benefits for customers in terms of products and services, also thanks to the ability to sustain significant investments in digitalisation and new technologies," Generali. On June 7, 2021, Cattolica decided to postpone a planned $244m rights issue, giving its shareholders the chance to take up a buyout offer from Generali.