Founded in Bologna on 20 November 1891, in the form of a cooperative joint-stock company in the hail insurance business under the name 'Società di assicurazione La Reale'. During the first financial year, it started up 29 agencies located in the provinces of Emilia. Its first office was in Via Pescherie Vecchie, but it moved shortly afterwards to Via Rizzoli, No. 8, and, from March 1893, to the Stock Exchange premises in Via Ugo Bassi.
The founders were eminent figures from the Bolognese agricultural world: Francesco Cavazza, Francesco Isolani, Giuseppe Tanari, Francesco Montanari, Eugenio Bonvicini, Nerio Malvezzi de' Medici. The company set out to implement liberal policy conditions at rates that would mitigate the economic burden of the provision as much as possible. The first hail 'campaigns' put the company to the test (that of 1895 was catastrophic), so much so that it was pushed towards a first wider territorial development. In 1904, the company moved its headquarters to its central building in Piazza del Francia.
The Extraordinary General Shareholders' Meeting of 20 November 1909 ratified the agreement to become part of the Florentine insurance group La Fondiaria. With the entry into La Fondiaria, the company moved its registered office from Bologna to Florence at the group's headquarters. The company ceased to exist in 1972 through incorporation into La Fondiaria incendio.
With the acquisition of FondiariaSai by UnipolSai, much of the historical documentation of Reale Grandine is now part of the CUBO Historical Archive and has, so to speak, legitimately returned to Bologna.