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Member, Beacon International Group, Ltd.
Assicurazioni Generali S.p.A. has established a global corporate and commercial business unit aimed at medium and large companies.
In a statement Tuesday, the Trieste, Italy-based insurer said the unit has been set up to “integrate and develop the property and casualty and insurance services for medium and large companies at international level.”
The unit initially will focus on European countries where Generali already is particularly active, including France, Italy, Spain and the United Kingdom.
The company intends in the near future to expand its focus to include the rest of Europe, Asia Pacific and Latin America, it said.
The unit is headed by Paolo Ribotta, who joined Generali in 2012 to set up and manage the global corporate and commercial business arm.
He previously was head of global distribution at XL Group P.L.C.
(Reuters) — New Generali S.p.A. chief Mario Greco took decisive action on Thursday to clean up the Italian insurer's balance sheet by taking €1.7 billion of write-downs on its assets, part of a turnaround plan to boost the group's profitability.