Italian insurance major Generali has announced a shake-up of its organisational structure, which will take effect from 1 June 2024.
The board of directors, under the chairmanship of Andrea Sironi, approved the new structure to better align with the group’s strategic plan, LifeTime Partner 24: Driving Growth.
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This reorganisation aims to expedite growth and enhance the management of insurance and asset management, its two main businesses.
Under the leadership of CEO of insurance Giulio Terzariol, the insurance division will work to boost insurance business performance across all regions.
The division will adopt a more streamlined and simplified model to enhance coordination and market proximity.
As per the plan, Generali’s DACH and international insurance business will become part of the new division.
It will be restructured into five business units: Italy, France & Global Business Activities, Germany, Austria, Switzerland, and three regions including Mediterranean & Latin America, central eastern Europe and Asia.
All units will report directly to Terzariol.
Jaime Anchústegui, the current CEO of international insurance business, will take on the role of deputy CEO of insurance.
He will report to Terzariol and be responsible for representing the CEO of insurance unit in local governance bodies, managing partnerships and joint ventures, and global insurance projects within the division.
Generali Investments Holding (GIH) will emerge to replace the current asset and wealth management business unit, overseeing all global asset management activities, excluding certain operations, particularly those in China.
Woody Bradford is set to become the CEO of GIH.
Generali’s head office will continue to define the overarching strategy and corporate goals, while providing direction, control and support to all business areas.
Generali Group CEO Philippe Donnet said: “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.
“Thanks to a simpler and leaner approach, the new group’s organisational structure centering 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”.
Earlier this month, Generali completed the acquisition of Conning Holdings and its affiliates, enhancing its asset management capabilities and expanding its global reach.
