Giovanni Liverani, new CEO of the German subsidiary of the Italian group Generali, has announced a major restructuring of the company.
The number of executive will go from 30 to 20. The company' headquarters will be transferred from Cologne to Munich. The six-member management board will include two women, Claudia Andersch and Monika Sebold-Bender.
A reorganization is also planned in life and non life classes of business. The first will be limited to the underwriting of life corporate benefits, while the second will witness a substantial decrease in non life offers which is currently of about 600 products.
The reduction in administrative costs is the last pillar of the reform. In this filed, the savings could reach 160 million EUR (175 million USD).
The restructuring wave experienced by the German insurance landscape has not have, therefore, spared Generali which reported a disappointing balance sheet in 2014.