Generali splits insurance and asset management in restructure
Terzariol will head up five business units: Italy, France & global business activities, Germany, Austria and Switzerland
Italian insurer Generali is planning to revamp its insurance and asset management divisions under new CEOs as part of an organisational restructure.
As of June, the company will operate as a “diversified financial group focused on two main businesses – insurance and asset management”.
Generali group CEO Philippe Donnet has been named as chair of the board, with Giulio Terzariol, who joined Generali from Allianz in January this year, appointed CEO of insurance and Woody Bradford leading Generali Investments Holding as CEO.
According to Generali, the change in structure is designed to accelerate growth and address key priorities for the two businesses more effectively. The group said the insurance division will adopt a “streamlined and simplified business model designed to improve coordination via closer proximity to the markets”.
In practice, this means that the DACH and international divisions will become part of a new division comprising five country business units – Italy, France & global business activities, Germany, Austria and Switzerland – covering three regions (Mediterranean & Latin America, Central Eastern Europe and Asia), all reporting directly to Terzariol.
In addition, current CEO of the international unit Jaime Anchustegui has been appointed deputy CEO, insurance.
“The insurance division will continue to strengthen the group’s presence in our key markets, leveraging on the technical excellence of our business, implementing new technologies and adapting our offering to meet our customers’ needs in a constantly changing environment,” said Donnet.
“Thanks to a simpler and leaner approach, the new group’s organisational structure centring on insurance and asset management will accelerate the group’s transformation, and it will support the definition of the plan for the next strategic cycle”.
