register free | resend password

Fortis appoints Kurt De Schepper as Chief Risk Officer and Antonio
Cano as CEO AG Insurance in new s

ID: 1003659
recent pressrelease next pressrelease

(Thomson Reuters ONE) - Fortis announces the appointment of Kurt De Schepper as Chief RiskOfficer (CRO) and Antonio Cano as CEO AG Insurance effective from 1September. At the same time, Fortis has announced changes in itsGroup management structure to reflect the new scope of Fortis as aninternational insurance company.The appointments of Kurt De Schepper and Antonio Cano are subject tothe approval of the Banking, Finance and Insurance Commission (CBFA).The new organisational structure, supervised by the Board ofDirectors, consists of an Executive Committee and a ManagementCommitteeThe Executive Committee is composed of* Bart De Smet, CEO responsible for Strategy & Development, Audit, Investor Relations, Communications and Corporate Secretariat;* Bruno Colmant, Deputy CEO responsible for Finance, Legal and Legacy issues and* Kurt De Schepper, CRO (Chief Risk Officer) responsible for Risk, Compliance, Support Functions and Separation issues.The Executive Committee will oversee the activities of the Group on adaily basis with a particular focus on capital management, legacy andseparation issues of the old Fortis, audit, compliance, finance andrisk, communication and other corporate management issues.The Management Committee is responsible for defining and implementingthe corporate strategy, business plans and budgets and for theoperational activities of the company.The Management Committee is composed of the three members of theExecutive Committee, Patrick Depovere, CFO and the heads of the fourgeographic operating divisions: Steven Braekeveldt, CEO ContinentalEurope; Antonio Cano, CEO AG Insurance; Barry Smith, CEO UnitedKingdom and Dennis Ziengs, CEO Asia.Fortis is confident that this new management structure willfacilitate the sharing of best practices and will help capturepotential synergies between the businesses.These organizational changes represent an important step in preparingthe company for future challenges and opportunities. Following theappointment of Antonio Cano and Kurt De Schepper, AG Insurance will,in due time, communicate on further management changes in thecompany.A review of the organization and governance of the Group is one ofthe key elements in the strategic review currently underway. Fortiswill present its strategic update to the market on 25 September.In addition, Fortis is also reviewing a simplification of the Group'slegal structure. This is work in progress and will be presented atthe appropriate time.Fortis holding (Fortis SA/NV and Fortis N.V.) consists of (1) a 75%ownership of AG Insurance, (2) Fortis Insurance International, (3) a45% stake in Royal Park Investments - a structured credit portfolioentity - and (4) financial assets and liabilities of variousfinancing vehicles. AG Insurance is overall market leader and aleading player in the Employee Benefits market. The internationalinsurance activities (Fortis Insurance International) are located inthe UK, where Fortis is the third largest player in the market forprivate car insurance, France, Hong Kong, Luxembourg (Non-Life),Germany, Turkey, Russia, Ukraine and joint ventures in Luxembourg(Life), Portugal, with Millenniumbcp Fortis being a clear marketleader, China, Malaysia, India and Thailand. Fortis currently employsover 10,000 people.Press Contacts:Brussels: +32 (0)2 228 82 92 Utrecht: +31 (0)30 226 32 61Investor Relations:Brussels: +32 (0)2 565 53 78 Utrecht: +31 (0)30 226 65 66ANNEXManagement CommitteeShort BiographiesSteven Braekeveldt (48) has had a long international career in thefinancial services sector, both in banking and insurance. He heldvarious management positions within ING, among others as managingdirector of BBL Hong Kong and managing director of Commercial andMerchant Banking at BBL/ING Singapore. In 2001 he became ExecutiveCommittee member of ING Comercial America, one of the largestinsurance companies of Latin America. In 2006 he joined FortisInsurance International and became responsible for Europe (9countries) Since 2008, S. Braekeveldt has been CEO of FortisInsurance International Europe. He holds different degrees in Law anda Masters in Economics.Antonio Cano (46) is an economist who started his career in theinsurance sector in 1989 at AMEV Netherlands. In 1991 he joinedFortis Insurance International. In 1994 he moved to Caifor, theSpanish bancassurance joint-venture between Fortis and "La Caixa",where initially he was responsible for ALM and ultimately was deputyManaging Director. In 2001 he became head of Risk and BusinessPlanning at AG Insurance and since 2006 has been Managing DirectorBank channel and Life Insurance Development.Bruno Colmant (48) has previously been CFO and executive Board memberat INGBelgium as well as chief of staff to the Minister of Finance and CEOof Euronext Belgium. Most recently, he was a member of the ManagementCommittee of NYSE Euronext and head of the company's Belgian market.B. Colmant holds a PhD in Applied Economics and a MBA from PurdueUniversity (USA).Kurt De Schepper (53) is an actuary and started his career 30 yearsago at AG Insurance where he became member of the Management Teamresponsible for Employee Benefits in 1990. Between 1995 and 2004 hewas General Manager Europe at Fortis Insurance International where -amongst others- he was responsible for the Joint Venture "CaiFor" andFortis Insurance UK. In 2004 he became Chief Pension Officer atFortis Holding level and since mid -2005 has been Business OperatingOfficer at AG Insurance. K. De Schepper has managed the FinancialAssets of AG Insurance since September 2008.Bart De Smet (52) began his career with Argenta in 1982. From 1985to 1993, he served as Executive Vice President of the Life divisionat the Swiss insurance company Nationale Suisse. In 1994, he joinedING Insurance Belgium, where he was a member of the ExecutiveCommittee, responsible for individual and group life insurance,health insurance & banking activities. Bart De Smet moved to Fortisin 1998, where he was a member of the management committee of FortisAG and responsible for Fortis Employee Benefits. In 2005, he tookcharge of the Broker Channel at Fortis Insurance Belgium, assumingthe position of CEO of Fortis Insurance Belgium in 2007. In July 2009he was appointed acting CEO of Fortis Holding.Patrick Depovere (55) is an Actuary and joined Fortis in 1978 asController. He became Internal Auditor in 1983, head of theAccounting Department in 1991 and head of Control & Reporting in2000. In 2007 he joined ABN-Amro where he was head of the TransitionSteering Group Finance and CFO Shared Assets. In November 2008 he wasappointed CFO of Fortis Holding.Barry Smith (55) has spent his career in various jobs in thefinancial services sector. He assumed the role of Chief Executive forFortis UK in 2001. In this role, he has been responsible forspearheading the business in its strategy to become a profitablemanufacturer and retailer of insurance solutions in the UK,developing a range of award-winning customer-focused propositionsthat are unparalleled in the market. He was recently appointed asPresident of the Chartered Insurance Institute (CII) supporting thedrive for improved professionalism within the insurance industry. Hehas been heavily involved with the CII for many years. He is Chairmanof the ABI Motor Committee and a member of the ABI GIC ManagementCommittee.Dennis Ziengs (60) joined Fortis in April 2002 as CEO Asia, based inHong Kong. He has been active in the financial services industrysince 1973. Immediately prior to joining Fortis, he was a DivisionalBoard Member at Deutsche Bank in Germany. Before that he held seniorand executive management positions with Rabobank International, ABNAMRO Bank and Continental Bank in a variety of countries in Asia,North- and South America and Europe. In aggregate, D. Ziengs haslived and worked in the Asia Pacific region for nearly 19 years.Following undergraduate studies in the Netherlands, in 1971 hecompleted a Master's Degree in Business Administration at theUniversity of Oregon, USA . announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Keywords (optional):

Company information / Profile:

PressRelease by


PressContact / Agency:

published by: hugin
print pressrelease  send to a friend  

Date: 08/27/2009 - 07:40
Language: English
News-ID 1003659
Character count: 0
Ansprechpartner: Feedback to about Pressrelease-id:
Stadt: London


Number of hits: 390


Direct Link to this PressRelease:

We would appreciate a link in your News-, Press- or Partner-Site.

Comments on this PressRelease

All members: 9 437
Register today: 0
Register yesterday: 0
Members online: 0
Guests online: 78

Don't have an account yet? You can create one. As registered user you have some advantages like theme manager, comments configuration and post comments with your name.


[ more PressReleases ][ RSS-Feed ]