Allianz extends CEO’s mandate as CFO moves to Generali

ALLIANZ’S supervisory board on Monday (Oct 2) extended CEO Oliver Baete’s contract, while the German insurer’s finance chief Giulio Terzariol has left to take a top job at rival Assicurazioni Generali.

The changes at the helm of two of Europe’s top insurers come as Allianz recovers from a US fund scandal, while shareholder conflicts at Mediobanca, Generali’s single biggest investor, have cast a shadow over the Italian insurer.

The reappointment dispelled uncertainty as to whether Baete would stay on after a US$6 billion settlement with the US Department of Justice and US Securities and Exchange Commission over the 2020 collapse of a group of investment funds.

“I thank the Supervisory Board for their confidence and support,” Baete said after his contract was extended until 2028.

Generali said Terziariol will start next January to lead the newly created insurance division, reporting to CEO Philippe Donnet.

French national Claire-Marie Coste-Lepoutre will take his place as Allianz CFO. She has been with the German insurer since 2011 after previous jobs at Swiss Re, SCOR and McKinsey. REUTERS