Generali to become part of Utmost Wealth Solutions
GENERALI Worldwide, which employs just over 180 people in Guernsey, is being sold – with a view to further growth.
International insurer Generali Group is selling the business to Life Company Consolidation Group, the parent company of Utmost Wealth Solutions, with the deal expected to be finalised in the first quarter of 2019 subject to regulatory approval.
Over the coming months, Generali will work closely with LCCG to ensure a smooth transition of ownership and a seamless continuity in day-to-day operation – with no redundancies.
Soon after completion, Generali Worldwide will be renamed Utmost Worldwide and will adopt the Utmost Wealth Solutions branding.
Generali Worldwide has operated in Guernsey since the early 1990s and employs just over 270 people worldwide.
The company specialises in offering life-insurance-based wealth management and employee benefit solutions to a global audience, including multinational organisations, international expatriates and local resident populations in territories where it is licensed.
‘This transaction represents a significant opportunity to expand our already successful and well-established business,’ said Giorgio Daboni, CEO of Generali Worldwide, pictured inset.
‘Through a variety of acquisitions, LCCG is creating an extensive portfolio of specialist and successful players in the cross-border and international wealth management marketplaces.
‘The obvious synergies that exist will add to our capabilities to continue to grow and expand our business.
‘I emphasise that the business is being bought with a view to further development and will continue to offer its customers, old and new, the highest levels of service.’
Paul Thompson, group chief executive of LCCG, said: ‘We are very pleased to announce the continued expansion of Utmost Wealth Solutions.
‘I look forward to welcoming the customers, staff and distribution partners of Generali Worldwide to our group.
‘It demonstrates our commitment to the international life market and further cements our position as a leader in the global market for specialist cross border wealth management and risk solutions.’
