Marsh Re has appointed Francesco Liverani (pictured above) as head of business development for its fac reinsurance operations in Italy, a move that comes as the country's mandatory natural catastrophe insurance regime reshapes demand across the reinsurance sector.
Prior to AGCS, he worked at Aon Benfield for seven years and served as Italian representative at Alternative Market Operations from 1999 to 2002. He holds a degree in international law from the Università degli Studi di Milano.
His career has covered fac reinsurance, aviation, specialty lines and large corporate risks, with ties to both the London and continental European markets. In total, Liverani brings close to four decades of experience in international insurance and reinsurance.
The appointment comes at a pivotal moment for Italy's insurance landscape. Under the country's 2024 Budget Law, all businesses are now required to purchase coverage against natural catastrophes, including earthquakes, floods and landslides, as outlined by law firm Norton Rose Fulbright.
To support the rollout, state-owned SACE will act as a reinsurer, indemnifying up to 50% of claims paid by insurers, capped at 5 billion euros for 2025 and 2026. With compliance deadlines for small and micro-enterprises extending into late 2025, demand for nat-cat coverage – and by extension, fac reinsurance capacity – is still building into 2026.
The broader facultative market has also tilted in buyers' favor. At the January 2026 renewals, rate reductions were reported across most lines and regions, with UK and international facultative rates declining 5% to 20% and US and Canada property rates falling 25% to 30%.
In continental Europe, low loss activity and excess capacity contributed to the softening trend, with markets including Italy seeing reductions of up to 20%. Italy and Greece are among the latest countries to introduce compulsory nat-cat insurance requirements, part of a wider European regulatory shift reshaping reinsurance demand.
The hire also reflects the strategic direction of Marsh Re's parent company. In October 2025, Marsh McLennan announced it would unify its businesses under the Marsh brand, with Guy Carpenter rebranded as Marsh Re.
Chief executive John Doyle said clients were "seeking advice, solutions and insights that draw on expertise from across our firm."
The company reported total revenue of US$24.5 billion for 2024, an 8% increase year over year, with plans to deploy roughly US$5 billion in capital through dividends, acquisitions and share repurchases, per its fourth-quarter earnings call.
Against that backdrop, Liverani's cross-border relationships and deep market knowledge position him to support Marsh Re's growth ambitions in Italy as pricing dynamics and regulatory tailwinds continue to evolve.
