Following the merger of the two Guernsey-based companies, which is subject to regulatory consent and is expected to be completed by the end of the year, the new company will retain the name Generali Worldwide Insurance Company and have combined assets of over €5bn (£3.6bn, $5.3bn).
The new company will look to capitalise on the increasing number of internationally mobile individuals and global employers by strengthening the two firm’s existing ties and utilising the full assets of the wider Generali Group, one of the world’s largest insurance providers.
Aidan Cullen, head of marketing at Generali International and Generali Worldwide, said the merger follows years of synergy between the two companies, which share both management and facilities.
“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,” he said. “We envisage the transition process will have very little impact on the organisations.”
However, Nick Griffin, head of sales at Generali International, said the merged company will no longer be able to accept new business applications from around 14 countries, including Switzerland, Kenya, Brazil, and China.
“We will now collaborate more with both Generali Worldwide and our parent company, so we are looking at countries where there is a crossover with the Generali group, and there will be a number from which we can no longer accept new business,” he said
“In these areas, there will be a pipeline management process in place because we obviously recognise that advisers have been speaking to clients and were not aware of the changes, so they will have until the end of April to submit application for new business, which must be issued in May.”
