GENERALI's Group CEO Mario GRECO leaving to head ZURICH Insurance

27 January 2016 — Vlad BOLDIJAR
mario_greco3GENERALI's Group CEO, Mario GRECO returns to ZURICH Insurance, the company where he was employed for five years before joining GENERALI. The Swiss-based insurer announced that its Board of Directors has appointed him to the role of Chief Executive Officer effective May 1, 2016. The appointment is subject to regulatory approval.

Assicurazioni GENERALI confirmed yesterday the information which was rumored information since some time already. The Trieste-based insurer mentioned in a press release that Mario GRECO informed the Chairman of the company - Gabriele Galateri di GENOLA, that "he would be unwilling to serve another term as CEO of the company at the expiry of his current mandate, which is planned to coincide with the Annual General Meeting to approve the financial statements as of 31 December 2015".

"The Chairman [Gabriele Galateri di GENOLA] noted this news with regret and will soon call a Board of Directors meeting for information purposes". No information was provided yet with regard to the possible succesor of GRECO.

Mario GRECO will succeed Tom de SWAAN, who has held the role on an ad interim basis since Martin SENN stepped down in December 2015, after a difficult third-quarter in which the insurer reported a loss at its general insurance unit and abandoned a takeover bid for Britain's RSA Insurance Group.

"We are delighted to welcome Mario GRECO to ZURICH after his successful tenure as CEO of GENERALI," said Tom de SWAAN, Chairman of Zurich's Board of Directors and Chief Executive Officer a.i. "Mario offers the rare combination of entrepreneurial spirit, deep industry knowledge and proven CEO experience that anchored our search for ZURICH's next leader. His intimate understanding of our company and our industry and his track record as a leader make him a unique candidate for the role."

"I am honored to be asked to join ZURICH at this critical juncture for the insurance industry," remarked Mario GRECO. "Like many global players, the company has faced market challenges in recent times but I know that ZURICH's strong global franchise, the breadth of talent and the powerful brand provide all of the ingredients for our future success."

Mario GRECO has served as CEO of GENERALI since 2012, where he spearheaded a three-year turn around program to boost profitability and strengthen the Italian insurer's balance sheet.

Before that he worked with ZURICH. He joined ZURICH in October 2007 as the designated CEO Global Life and a member of the Group Executive Committee and was appointed CEO Global Life in April 2008. In 2010 he was appointed CEO General Insurance, a role he held until 2012.

His original appointment to ZURICH followed a highly successful career in the European insurance markets, latterly as CEO of RAS (ALLIANZ Group) in Milan.

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