Giulio Terzariol, Allianz’s CFO, will leave the German business to lead Italy’s largest insurer, Assicurazioni Generali (GASI.MI).

Terzariol will report directly to Philippe Donnet and will lead Generali’s insurance and asset management businesses.

The appointment is expected to be made soon.

Allianz’s CEO Oliver Bäte’s contract expires on Sept. 30, 2024, and his supervisory board is expected to extend his mandate by three years.