istock-942432524_baloncici
iStock/ Baloncici
29 May 2018Insurance

Generali unveils new Luxembourg branch

Italian insurer Generali has set up a new branch in the Grand Duchy of Luxembourg dedicated to the employee benefits business.

Generali said the move is in line with the group's strategic objectives to consolidate its leadership in the employee benefits sector.

The new Luxembourg branch will operate as the re/insurance operation of the group to help meet the new needs and expectations of global companies and their employees. It will be regulated by the Commissariat aux Assurances (CAA) and Italian regulator IVASS.

With the new branch, Generali aims to consolidate its global position in the multinational corporate segment; accelerate its expansion in the international middle market segment; and launch new initiatives in the fields of health & wellness, business travel assistance, voluntary employee benefits and pensions, the statement says.

According to Generali, Luxembourg represents the ideal place to centralize EB’s global operations. Luxembourg’s political and economic stability and pool of human capital skills and expertise make it an extremely attractive destination for global business expansion.

“The creation of this new branch is another important step towards the strengthening of our position in the employee benefits market,” said Frédéric de Courtois, CEO Generali global business lines & international. “We will be more effective in facing the challenges posed by the market and we will reinforce our capacity to serve our clients.”

Sergio di Caro, CEO at Generali employee benefits, added: “The opening of the new branch of Generali in Luxembourg, solely dedicated to EB, highlights the strategic importance of this line of business for the Group. This fact, together with the ongoing initiatives in the fields of customer segmentation, product offering and technology, forms part of a wider development plan aiming at strengthening our leading position in the international EB market and improving the service to our customers.”

Make sure you are GDPR compliant and  confirm your email address to keep getting our daily emails

More of today's news

Amazon leads $12m investment round in insurtech Acko

Swiss Re, SoftBank end investment negotiations

AmTrust go-private deal gets support from Glass Lewis

Brit grows professional liability unit with Hiscox, Hartford hires

GIC Re posts combined ratio of 104% in FY 2017

Castel opens in Amsterdam for European expansion

QBE sets up EU unit in Belgium

Ed expands professional, executive risk business into Jersey

Concerns about pricing, reserves, interest rates weigh on P&C sector

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
5 July 2018   Italian insurer Generali has agreed to sell 89.9 percent of life insurer Generali Leben in Germany to Viridium Gruppe, which is owned by London-based private equity firm Cinven and German reinsurer Hannover Re.
Insurance
26 June 2018   Italy's Generali Group has increase its stake in the Future Generali insurance ventures in India to 49 percent from 25.5 percent as part of its strategic expansion plan in Asia.
Insurance
5 June 2018   Generali CEE Holding and Italian financial services company UniCredit have signed a cooperation agreement for the distribution of insurance solutions in Central and Eastern Europe (CEE).