Generali is eliminating one of its most senior leadership roles and redrawing the map of how it manages its global insurance markets, in a restructure that reshapes the chain of command between its head office and the brokers and corporate clients who rely on it for cross-border programmes.
The group’s board of directors, chaired by Andrea Sironi, approved the changes, effective from two dates: November 2026 for the internal leadership changes, and January 2027 for the broader geographic reorganisation. The moves were proposed by group CEO Philippe Donnet and are framed as preparation for the final stage of the “Lifetime Partner 27: Driving Excellence” strategic plan and the 2028–2030 cycle that follows.
The most consequential change is the abolition of the general manager role held by Marco Sesana, whose responsibilities will transfer to group deputy CEO Giulio Terzariol. Terzariol, whose appointment as group deputy CEO was approved by the board in November 2025 and took effect in January 2026, will now absorb four additional functions: global investment management, group operations, group marketing and customer, and group security. Two new units also fall within his expanded remit: group insurance and business performance, headed by Santiago Villa, and a special projects unit under Manlio Lostuzzi. Chief transformation officer Cécile Paillard’s remit expands to include sustainability now and insurance M&A from January 2027.
The elimination of the general manager position is not new territory for Generali. The role was recreated in 2022 for Sesana, having previously been abolished in January 2021 when Frédéric de Courtois departed during an earlier restructure under Donnet. Its return and subsequent removal within four years raises questions about where Generali ultimately wants that layer of management to sit.
The current move, however, appears to reflect confidence in Terzariol rather than uncertainty about the structure. Sesana and Jaime Anchústegui will both leave the group at year-end. Anchústegui served as CEO International, overseeing cross-border partnerships and global insurance projects across markets in Central-Eastern Europe, the Mediterranean, Latin America, and Asia. His responsibilities are not being replaced like-for-like but absorbed into the new five-region cluster model under Terzariol. In a statement, Donnet acknowledged Sesana’s role across multiple positions, including chief operating officer, country manager for Italy, and general manager, describing his contribution as “fundamental.”
From January 2027, Generali will consolidate its insurance markets into five geographic clusters reporting to Terzariol, replacing what had been a more granular country-by-country management structure. The five areas are: Western Europe and Latin America under Jean-Laurent Granier; Italy and Global Corporate and Commercial under Giancarlo Fancel; Germany under Stefan Lehmann; Asia under Roberto Leonardi; and Austria and Central Eastern Europe under Gregor Pilgram. Redion Group, the global assistance and employee benefits platform headed by Antoine Parisi, reports directly to Terzariol alongside Banca Generali.
The grouping of Italy with Generali’s global corporate and commercial book under Fancel is the most structurally significant element for brokers placing international business. Generali Global Corporate and Commercial (GC&C) operates across more than 180 countries, with multinational programmes and captive business accounting for close to 30% of its gross written premiums, according to GC&C’s 2025–2027 "Next Level" plan.
Bringing the governance of that corporate book closer to Generali’s largest domestic market signals an intention to accelerate decision-making on global accounts. That sits in some tension with how GC&C has marketed itself to brokers in recent years. Its UK leadership has positioned local decision-making proximity and underwriting authority as competitive advantages over the more centralised structures of larger rivals in the multinational programme space.
Generali’s GC&C arm has positioned itself in recent years as a genuine challenger to the established leaders in multinational programme business. Its current three-year plan targets growth in the multinational and captive segment, and the appointment in July 2026 of Nuno Antunes as global head of client and broker relationship management underlined that intent. The latest restructure ties that commercial ambition directly to Generali’s largest and most profitable market.
Generali posted a record group operating result of €8 billion in 2025, up 9.7% year-on-year, and its H1 2026 results showed adjusted net result growing 13.7% to €2.5 billion. The restructure comes from a position of financial strength, which gives Donnet room to make structural changes without the pressure of a performance turnaround behind them. Three executives, Laetitia Léonard-Reuter, Gregor Pilgram, and Antoine Parisi, will join the group management committee from January 2027, with Léonard-Reuter also appointed CEO of Generali France.
