Italian insurer Assicurazioni Generali announced in a statement that its chairman, has announced that he will step down at the expiry of his term in April after 11 years at the top of Italy's largest insurer.

The Italian insurer informed that Gabriele Galateri di Genola said he shared the board's desire for renewal and stressed that his candidacy would no longer be considered independent under corporate governance rules.

"I want to express my sadness for the tensions within [our board] across the past few months which Generali does not deserve" - said Galateri - I hope that a board made up of professionals with high ethical standards will be elected to facilitate a renewed climate of serenity and collaboration".

"The Board of Directors of Assicurazioni Generali has taken note of the decision of the Chairman Gabriele Galateri di Genola to withdraw his name from consideration for the upcoming board renewal.

The Board has conveyed its appreciation for his decision which reflects the intention of the Board to select a future Chairman who fully meets the independence criteria according to the Italian Corporate Governance Code", as Generali representatives mentioned in a statement.