US branch of the Generali group, Generali US has launched a new ‘Specialty Insurance Division’ that offers all-inclusive services and solutions.
The division will provide obligor and insurance services to the company’s customers.
Generali Group had a total premium income of around €66bn last year. When combined with the obligor services, the company can offer the new warranty services business with a dedicated support with financial backing
The company is present in Western Europe and growing presence in Central and Eastern Europe, South America and Asia which will help in provining sinterantional support to the division.
Generali US Branch executive vice president and chief insurance officer Jose Luis Menéndez said:”Our US Specialty Insurance Division is uniquely positioned to leverage Generali Group’s 200 years of proven service and its vast network of over 400 companies in over 50 countries, to provide specialized offerings both in the US and internationally.
“The backing of Generali Group, with more than €500 billion in assets, provides an incredibly deep and established platform for our new of warranty services and solutions.
The new division will offer various products to customers, third party administrators, and other entities.
The division will offer warranty program structures like Insurer as Obligor Programs, Administrator Obligor Programs, Direct Insurer Programs, and Dealer Obligor Programs.
The Specialty Insurance Division will also provide warranty services for products such as motor vehicles, watercraft, travel trailers and new homes.
In May this year, Generali reached an agreement to divest the life run-off portfolio of its UK branch offices to Reinsurance Group of America (RGA).
Under the terms of the agreement, a subsidiary of RGA acquired the Generali’s UK life run-off portfolio including almost €680m in best estimates liabilities as of 31 December 2018.