Former Telecom Italia chairman Gabriele Galateri di Genola replaces Cesare Geronzi

Italian insurer Assicurazioni Generali has named Gabriele Galateri di Genola as chairman of the board of directors.

He has also been appointment as chairman of the Italian insurer’s appointments & corporate governance committee and the social & environmental sustainability committee.

According to the board, the new chairman has met the conditions of professionalism, good standing and independence required under current legislation for the insurance sector.

He replaces Cesare Geronzi who resigned as chairman in April 2011 after he was threatened with a no-confidence vote by the board of directors.

Generali has been subject to rating downgrades in the past 12 months as it battles its exposure to the eurozone debt crisis. In December AM Best downgrade it to A from A+ citing the insurer’s exposure to sovereign bonds, particularly in Italy.