text: The Italian period In 1920, Edgardo Morpurgo assumed the role of president, ushering in a phase of further international expansion for the company. By 1924, due in part to the division of the Austro-Hungarian Empire, Generali had established eight overseas management offices and had a presence in sixty branches and agencies across thirty countries. By 1935, it had expanded to include twenty-nine subsidiaries in Europe, four in the Americas, two in Africa, and one in Asia. During this time, the company's image was managed by Marcello Dudovich, contributing to its growing reputation. Alleanza Assicurazioni was acquired during this period.
  However, the mid-1930s brought challenges, as the rise of racial laws and the tightening relationship with Fascism created a difficult environment.
  In the first century of activity, Assicurazioni Generali had consolidated and expanded also thanks to the decisive presence of shareholders and managers of Jewish origin, from the Morpurgos to the Maurogonatos, from the Levi Della Vidas to the Treves de' Bonfilis.
  In 1938, as the impending "racial laws" loomed and Benito Mussolini visited Trieste, a Morpurgo, who was serving as president at the time, was asked to resign, handing over the presidency to Giuseppe Volpi di Misurata. During this era, Generali was under the guidance of managing director Gino Baroncini.