Guernsey Press

Generali internal merger to capitalise on expat market

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Generali International and Generali Worldwide Insurance Company will come together under the Worldwide Insurance Company banner, creating a business with combined assets of more than 5bn euros, servicing more than 200,000 planholders worldwide. The deal is expected to be completed by the end of the year.

Many of the group's 150 Guernsey-based staff already serve both entities – they also share management and facilities in the Hirzel Street headquarters – and the merger is not expected to involve job losses locally.

'This amalgamation makes practical sense and will enhance our ability to address the rapidly changing needs of both individual and corporate clients in a seamless fashion,' said Giorgio Daboni, CEO of Generali Worldwide. 'We look forward to the future with confidence, where the customer is at the heart of all our activity.'

Generali Worldwide's focus is on internationally mobile companies and multinationals around the world, providing them with employee benefit solutions on a group basis. Generali International targets local individuals internationally, focusing on savings and investments.

The company said the growing expat market was its primary focus and it was looking for ways to serve the market better. It said that as the market developed and became more sophisticated, the demand for innovative and flexible solutions was also growing and the new company would address that need. 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.

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