BNP Paribas Assurance, the Life and Property & Casualty insurance unit of BNP Paribas, has added Isabella Fumagalli and Olivier Hereil as new members to its executive committee.

Fumagalli will join as head of Italy, with responsibility for development of all BNP Paribas Assurance distribution channels and partnerships in the country.

Fumagalli joined Cardif in 1999 after three years as a consultant and seven years with JP Morgan, where she held various management roles in Milan and London.

From 1999 to 2002 Fumagalli was responsibile for developing Cardif’s savings business (life insurance investments) in Italy. In 2002 she became managing director and chief executive of Cardif Assicurazioni.

In 2007, she was named head of the Southern Europe geography for BNP Paribas Assurance, which includes Italy, Spain, Portugal and Croatia. Her responsibilities were expanded to the larger Central and Southern Europe zone in 2008, adding Austria, Hungary, the Czech Republic, Slovakia, Bulgaria, Romania and Serbia.

Hereil, director of Investments and Asset Management for BNP Paribas Assurance, will retain his current responsibilities, overseeing management financial and property assets held by BNP Paribas Assurance insurance companies, as well as Asset and Liabilities Management (ALM).

Hereil has experience as a financial analyst and actuary. He is a member of the Societe Fran├žaise des Analystes Financiers (SFAF) and the Institut des Actuaires. He has contributed to the development of Cardif’s asset management activities since 1982.

He was appointed chief executive of Cardif Asset Management in 1989, becoming chairman in 1997. In 2000 he was named to his current position as director of investments and asset management for the insurance companies of BNP Paribas Assurance.

The executive committee of BNP Paribas Assurance is headed by chairman and CEO Eric Lombard and deputy CEO Pierre de Villeneuve, along with three chief operating officers.