MILAN (Reuters) - Italy's top insurer Generali (BIT:GASI) said on Thursday it was reorganising to focus on its two core businesses and streamline its geographical layout to be ready for the new strategic cycle.
The company, which is on track to meet all the key financial targets in its current three-year plan ending in 2024, is working on a new strategic plan to be unveiled in early 2025.
Under the new structure, effective from June 1, Generali will operate as a diversified financial group focused on Insurance and Asset Management divisions, it said in a statement.
The DACH (Germany, Austria and Switzerland) and International business units will be reorganised as part of the new Insurance division, led by Giulio Terzariol, which will drive the development of the insurance business in all regions.
Generali Investment Holding (GIH) will replace the current Asset and Wealth Management business unit and will oversee all the group's global asset management activities with the exception of a few, namely those in China.
Earlier this month, Generali completed the acquisition of U.S. asset manager Conning Holdings as part of a partnership with Cathay Life, a unit of Taiwan's Cathay Financial Holding, in an asset swap with no cash component. Cathay Life became a shareholder in GIH with a stake of around 16.75%.
Woody Bradford, the current CEO of Conning, will be appointed Chief Executive Officer of GIH, while Generali's CEO Philippe Donnet will be appointed chair of GIH's board.
Banca Generali, the insurer's private bank, will remain outside GIH, and will continue to focus on financial advisory services and wealth management.
Giovanni Liverani and Carlo Trabattoni, currently heads of DACH and Asset and Wealth Management respectively, will take on new roles within the group. Jaime Anchustegui, currently CEO of the International division, will become deputy CEO of the Insurance division.