UNI Unipol Gruppo SpA

MILAN--Italian insurer Fondiaria-SAI S.p.A. (FSA.MI) appointed Tuesday Fabio Cerchiai as its new chairman, the company said in a statement.

Fondiaria-SAI also appointed its new board, which includes Pierluigi Stefanini and Carlo Cimbri, respectively chairman and chief executive of Fondiaria-SAI controlling company, insurer Unipol Gruppo Finanziario S.p.A. (UNI.MI).

The board will be in charge until April next year, as it is expected to drive Fondiaria-SAI through the current transitional phase resulting from the recent merger with Unipol.

Unipol agreed in January to a deal to rescue Fondiaria and create Italy's second-largest insurer after Assicurazioni Generali S.p.A. (G.MI). As a result of the merger, Unipol now controls around 42% of Fondiaria-SAI.

Write to Manuela Mesco at manuela.mesco@dowjones.com

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