Allianz’s Chief Financial Officer, Giulio Terzariol, is reportedly poised to step down from his role at the German insurer to assume a high-level position at Italy’s leading insurer, Assicurazioni Generali. This anticipated move has been covered by Italian newspapers La Repubblica and La Stampa.
According to these reports, Terzariol is expected to take the helm of Generali’s insurance business, a significant operation that also includes substantial asset management activities. In his new capacity, he will report directly to Generali’s Chief Executive, Philippe Donnet. The appointment is anticipated to be officially announced in the coming days.
However, neither Generali nor Allianz has provided official comments on this matter, and Giulio Terzariol has not issued a statement regarding his reported career move.
Philippe Donnet was reaffirmed as CEO of the Generali group in the previous year, surviving a challenge from certain dissenting domestic investors. These investors had questioned Donnet’s strategy, particularly his calls for a more assertive merger and acquisition (M&A) approach.
During this period of leadership contention, Italian businessman Francesco Gaetano Caltagirone, a prominent rebel shareholder, was associated with the possibility of Giulio Terzariol assuming the role of CEO. However, Caltagirone ultimately nominated a former Generali executive as his CEO candidate. This nominee failed to garner adequate support during a shareholder meeting convened to appoint a new board.
In a separate development, sources with knowledge of the matter revealed that Allianz’s supervisory board is set to approve a three-year extension of CEO Oliver Bäte’s mandate. Bäte’s current contract is scheduled to conclude on September 30, 2024, according to information available on the Allianz website.
The potential departure of CFO Giulio Terzariol from Allianz marks a significant change in the company’s leadership structure. Terzariol’s move to assume a prominent role at Assicurazioni Generali reflects the ongoing dynamics in the insurance sector and the strategic decisions being made by major players in the industry.
This leadership transition also highlights the competition among insurers to secure top talent and experienced executives who can help shape their future strategies. Giulio Terzariol’s expected role in overseeing Generali’s insurance operations and asset management activities underscores the importance of having strong leadership in both traditional insurance and asset management, given the increasing convergence of these sectors within the financial services landscape.
As for Allianz, the reported extension of CEO Oliver Bäte’s mandate suggests that the company is keen to maintain continuity in its leadership during a period of significant change and challenges in the insurance industry. Bäte’s tenure extension would provide stability and consistency as Allianz navigates the evolving landscape, including addressing emerging risks, advancing digital transformation, and exploring growth opportunities.
The insurance sector as a whole is experiencing transformation and disruption, driven by factors such as technological advancements, changing customer preferences, and the evolving regulatory environment. Insurers are adapting their strategies and leadership teams to effectively respond to these shifts and position themselves for long-term success.
The coming months will likely witness further developments in the insurance industry’s leadership landscape as companies seek to strengthen their competitive positions, pursue growth initiatives, and address the evolving needs of their clients and stakeholders.