Italian insurer Generali has announced a new streamlined organisational structure for its 2021 plan along with a number of senior promotions.
The structure has been designed to address key strategic priorities for the continued successful delivery of the Generali 2021 plan, whilst preparing the group for its next strategic cycle.
It’s expected to enhance further discipline in asset liability management, in order to continue increasing balance sheet resilience against volatile markets, in line with the progress made since the launch.
Insurance products development capabilities will be further strengthened by integrating the Group investment management and the insurance domain, allowing for matching of customers’ needs whilst granting returns for shareholders in a better interest rate environment.
As part of the new structure, the insurer has made a number of promotions who will report directly to the group CEO to deliver the targets of the plan.
This includes the promotion of Sandro Panizza, who has taken up a newly created role of Group Chief Insurance & Investment Officer, effective March 1st, 2021. Generali notes that this new organisational unit will integrate competencies of the Group Head Office Insurance and Reinsurance areas with Investment Management.
Additionally, Carlo Trabattoniis has been promoted to CEO Asset & Wealth Management, a new business unit created effective March 1st, 2021. In this role, he will be responsible for coordinating the activities of the Group asset management companies and Banca Generali.
Bruno Scaroni will become Group Chief Transformation Officer, a newly established role that integrates responsibilities linked to Strategy with Operations and the digital and technological transformation. His new role will come into place effective February 1st, 2021.
Giancarlo Fancel, who is currently Chief Financial Officer (CFO) of Country Italy & Global Business Lines, takes up the role of Group Chief Risk Officer (CRO) from March 1st.
Furthermore, Generali has explained that Group CFO Cristiano Borean, alongside Group Chief Marketing and Customer Officer, Isabelle Conner and the Group Head of Mergers & Acquisitions, Massimiliano Ottochian, will report directly to the Group CEO effective Feb 1st, 2021.
Additionally, the Investor and Rating Agency relations will report directly to the Group CFO, effective Feb 1st, 2021.
Generali notes that as a result of these changes and the new structure, the General Manager role will cease to exist. In light of this, current General Manager Frédéric de Courtois will leave the firm on Feb 1st, 2021. Timothy Ryan, current Group CIO and CEO Asset & Wealth Management, will leave the group on March 1st, 2021.
Generali Group CEO, Philippe Donnet, commented: “Since the launch of the ‘Generali 2021′ plan, we have made significant progress towards our objectives in the face of a rapidly changing world and unprecedented challenges.
“The purpose of our new organizational structure is to support the Group to successfully deliver the final stages of our ‘Generali 2021’ strategy and be prepared for the challenges ahead.
“Our goals remain unchanged: to align investment management to insurance strategy, in order to deliver excellent products and services for our customers and to create value for our shareholders, taking into account the interest rate environment; to accelerate the Asset Management strategy. which is instrumental to enhance the profitability of the Group; to coordinate digital and technological transformation, an essential element of our LifeTime Partner ambition.”
Adding: “I am very proud of our leadership team leveraging on internal resources: this is a further proof of the quality of the management and the people of Generali and their unique set of skills. The creation of the Insurance & Investment Unit puts Generali at the forefront of the industry establishing an integrated management of underwriting and investment capabilities.
“The changes already reflect our current focus and priorities and as such ensure full continuity and effectiveness. Frédéric de Courtois and Tim Ryan have been instrumental in defining and realizing what we have achieved so far, and on behalf of the Group I want to thank them for their contribution and wish them all the best for their next ventures.”