$16.8 billion Belgium-based Fortis has named Kurt De Schepper as chief risk officer and Antonio Cano as CEO of AG Insurance within the company's new streamlined management structure.

Both appointments are effective Sept. 1 and are subject to the approval of the Banking, Finance, and Insurance Commission.

In other news, Fortis has also altered its management structure to consist of an executive committee and a management committee. The executive committee includes the CEO Bart De Smet, deputy CEO Bruno Colmant and De Schepper, while the management committee consists of the executive committee, in addition to CFO Patrick Depovere and four regional chiefs.