The Italian insurer Generali has announced the appointment of Carlos Escudero as the new CEO for Spain, replacing Santiago Villa, who continues as international head of the Mediterranean and Latin American regions, as announced by the insurer through a statement.
Escudero’s appointment will take effect from September 1, 2023, subject to approval by the regulator and by Generali’s board of directors. Escudero will join the Italian insurer from Banco Santander, where he was responsible for the insurance business for Europe.
10 years of insurance experience
Escudero has been dedicated to the insurance sector for more than 10 years and has “extensive international experience.” In addition, he will be responsible for applying the ‘Lifetime Partner 24: Driving Growth’ strategy in Spain, which includes “strong commitments” to profitable growth, sustainability, digital transformation and excellence.
The insurer affirms that the incorporation of Escudero represents a “new strategic milestone” within its transformation roadmap to become a “leader” in the Spanish insurance market.
For his part, Villa continues with his current position as international head of the Mediterranean and Latin American regions, from which he coordinates the insurer’s operations in eight markets: Argentina, Brazil, Chile, Ecuador, Spain, Greece, Portugal and Turkey. Villa assumed this position in September 2022.
From this position, Villa will lead the integration of Liberty Seguros within the scope of its European perimeter, a strategic operation for the group and which in Spain allows the insurer to access fourth position in the ranking of insurance entities.
The international delegate of Generali Jaime Anchústegui shares in Liberty Seguros, after the recent agreement for its acquisition, in what is the largest M&A operation in the Spanish market in recent years”.
Generali buys Liberty Seguros for 2,300 million
In mid-June, Generali closed the agreement to take over Liberty Seguros, which groups the insurer’s operations in part of Europe, for 2,300 million euros. With this operation, Generali becomes the fourth insured in the Non-Life branch in Spain.
The acquisition, subject to regulatory approvals, contemplates the sale of Liberty Seguros SA, based in Madrid and which centralizes operations in Spain, Portugal, Ireland and Northern Ireland. Other segments of the company (Liberty Specialty Markets, Liberty Mutual Reinsurance, Liberty Mutual Surety, Liberty IT and Hughes Insurance) are not included in the agreement.
