Greco will succeed Tom de Swaan, who has held the role on an interim basis since Martin Senn stepped down in December last year. Before joining Generali as CEO in 2012, Greco worked at Zurich since 2007, latterly as CEO of general insurance.

At the helm of Generali, he led a three-year turnaround programme to boost profitability and strengthen the Italian insurer’s balance sheet. Greco's appointment comes a week after Zurich issued a profit warning for its general insurance business.

“Energy, vision, sound technical knowledge and a willingness to effect change were key qualities that informed our search,” said Zurich's chairman, Tom de Swaan. “I am convinced that Mario is best placed to lead Zurich into the future in this changing environment.”

 Subject to regulatory approval, he will take up his new position at the beginning of May.