Guernsey's Generali Insurance To Merge Operations
by Jason Gorringe, Lowtax.net, London
15 April, 2015
Generali Worldwide Insurance Company and its wholly owned subsidiary Generali International have announced that they are to merge, in a deal intended to capitalize on the expanding expat market.
Following the amalgamation of the two Guernsey-based companies, subject to approval from regulators, the new company will retain the name Generali Worldwide Insurance Company and will have combined assets of over GBP3.6bn (USD5.3bn). The deal is expected to be completed by the end of the year.
The new company will look to capitalize on the increasing number of internationally mobile individuals and global employers by strengthening the two firms' existing ties and deploying the full assets of the wider Generali Group, one of the world's largest insurance providers.
Generali in Guernsey comprises Generali Worldwide Insurance Company, Generali International, and Generali Portfolio Management. Generali Worldwide focuses on the internationally mobile and multinationals, providing employee benefit solutions in particular.
Aidan Cullen, Head of Marketing at Generali International and Generali Worldwide, said: "The amalgamation will bring the two companies together to singularly focus on the growing expat market, which, if it were a country, would now be rated as the fifth largest population in the world. We envisage the transition process will have very little impact on the organizations."
Nick Griffin, Head of Sales at Generali International, said: "We will look at individual jurisdictions in our own right where they are compatible for us as we have already done in Hong Kong and Singapore. We will also look to collaborate more closely with the companies within the Generali group for local opportunities, as we have already done in the Middle East."
Existing customers will not be affected by the changes.
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