Guy Carpenter has named Angelo De Benedetto (pictured above) as chief commercial officer for its Italian operations, expanding his remit as the reinsurance broker moves to deepen its footprint in one of Europe's most underinsured markets and capitalize on a rapidly evolving Italy reinsurance landscape.
De Benedetto, who brings more than 18 years of experience in the insurance and reinsurance sector, will oversee and coordinate Guy Carpenter's commercial strategy in Italy.
His responsibilities include managing executive-level relationships with key market participants and supporting the firm's positioning with clients and counterparties across the local and regional market.
He joined Guy Carpenter in September 2023 as senior vice president and head of facultative reinsurance for Italy, before assuming the role of strategic growth leader in January 2025. He is based in Milan.
Before joining Guy Carpenter, De Benedetto spent more than seven years at Cicor Internacional Correduría de Seguros y Reaseguros in Spain, serving as group CEO from October 2018 to December 2022 and simultaneously heading Cicor Global Marine as CEO.
Earlier in his career, he spent more than six years at SACE BT — the state-backed Italian insurer specializing in surety bonds, credit insurance and construction risk — as a surety underwriter and later senior reinsurance analyst.
The appointment arrives at a pivotal moment for Italy reinsurance. Under the country's 2024 Budget Law, all businesses are now required to purchase natural catastrophe coverage, including for earthquakes, floods and landslides.
State-owned SACE has stepped in as a backstop reinsurer, indemnifying up to 50% of claims paid by insurers, capped at €5 billion for 2025 and 2026. Compliance deadlines for small and micro-enterprises extend into late 2025, meaning demand for reinsurance capacity is still building.
The structural case for Italy reinsurance growth is compelling. Swiss Re data shows the ratio between insured and total economic losses in Italy stands at 69%, compared with 20% in France and 27% in Germany, making the country one of Europe's most underinsured major economies relative to its actual catastrophe exposure.
Environmental research body ISPRA estimates that 94% of Italian towns are at risk from landslides alone.
Pricing conditions have shifted in parallel, with continental European reinsurance markets — Italy among them — seeing rate reductions of up to 20% at the January 2026 renewals, intensifying the competitive environment as Guy Carpenter scales its Italian operations.
