Generali Worldwide has secured regulatory approval to open its first office in Switzerland, a month after the firm announced it is to be bought by Utmost Wealth Solutions, International Adviser can exclusively reveal.
The Zurich office is “in line with Generali Worldwide’s strategy of expanding its geographical footprint by developing domestically regulated entities in markets where it sees opportunity”, the firm said.
It will mark the business’s first physical foray into the alpine country, although it has been servicing customers there for years and parent company Generali Group has a longstanding presence there.
Chief executive Giorgio Daboni said: “We are delighted to have received the necessary regulatory approvals for our new branch in Switzerland.
“The initial objective is to provide local area support for Swiss-resident plan holders, deepening the relationship with them through continuous and local engagement.”
The firm added that, in due course, the Swiss branch will also provide Generali Worldwide with opportunities to offer its range of products in “certain niche markets” in Switzerland.
Sold to Utmost Wealth
On 19 July, it was announced that Generali Worldwide is to be acquired by Life Company Consolidation Group (LCCG), the parent company of Utmost Wealth Solutions.
The deal, which is expected to close in early 2019 and is worth €409m (£366.6m, $468m), will extend Isle of Man-based Utmost’s reach to Latin America, the Middle East and Far East.
And now Switzerland.
