Zurich insurance to hire Generali’s Greco as CEO

Zurich insurance group AG will rent Mario Greco, the top of its Italian rival Assicurazioni Generali SpA, as leader executive officer, Swiss newspaper SonntagsZeitung said, with out announcing how it were given the data.

whilst Greco, an coverage-enterprise veteran, hasn’t but been formally chosen and his appointment wishes the approval of Zurich’s board, the CEO of Italy’s biggest insurer is the handiest name at the final shortlist, SonntagsZeitung stated, bringing up an insider. The Swiss insurer will make the appointment no later than its annual media conference, the newspaper stated. The conference could be held on Feb. 11, in line with Zurich’s website.

“at the end, three names were shortlisted: Mario Greco, Mario Greco and Mario Greco,” the individual advised the newspaper.

Negotiations to renew Greco’s settlement for a second term at Generali are persevering with, a person with expertise of the discussions informed Bloomberg. A spokesman for Generali declined to remark.

Martin Senn stepped down as Zurich CEO on Dec. 1 amid a management and enterprise overhaul after falling income inside the preferred insurance unit brought on the agency to drop a excessive-profile bid for RSA coverage institution p.c. Zurich introduced job cuts and plans to exit a few corporations at the non-lifestyles coverage unit, which posted a $183 million operating loss within the 0.33 region.

Sylvia Gaeumann, a spokeswoman for the insurer in Zurich, refused to comment, announcing the employer doesn’t speak marketplace rumors or speculation.

before becoming the top of Generali, Greco turned into the chief of Zurich’s general insurance unit from 2010 to 2012 and became CEO of the global life commercial enterprise among 2008 and 2010.

Zurich stocks rose as much as 2.nine percentage and have been up 2 percent at 246.four francs as of 12:04 p.m. The STOXX coverage 600 Index became down 0.1 percent.