The third biggest underwriter in Europe Generali has appointed Mario Grecoas its new CEO, after terminating the employment contract between the company and Giovanni Perissinotto as general manager.

Before accepting the current position at Generali, Greco was serving as senior executive at Zurich Insurance Group.

Meanwhile, Generali Chairman Gabriele Galateri will take over as acting CEO until Greco joins the company.

From 1995 to 2005, Greco served at Italy’s second-largest insurer RAS and played an important part in the expansion of the insurer operations.

By 2014, Generali will pay EUR2.5bn to acquire 50% stake in Generali PPF Holding, a joint venture operating in 13 nations.