Generali Targets Specialty Insurance Market With New Division
Generali US Branch’s Specialty Insurance Division will offer insurance and obligor services for warranties and service contracts on a global scale in multiple verticals, including automotive F&I.
NEW YORK — Insurance and financial services group Generali US Branch, the U.S. arm of Generali Group, announced the launch of a new Specialty Insurance Division which will focus on providing comprehensive warranty services and solutions.
The new division will provide both insurance and obligor services for warranty programs worldwide. Executives said combining obligor services with the financial backing of Generali Group, which had a total premium income of more than $72 billion in 2018, will allow the new warranty services business to provide dedicated support with sound financial backing to both US and multinational consumer-facing businesses.
“The backing of Generali Group, with more than [$550 billion] in assets, provides an incredibly deep and established platform for our new warranty services and solutions.”
In a release, Jose Luis Menéndez, Generali US Branch's executive vice president and chief insurance officer, said, “Our U.S. 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 U.S. and internationally. The backing of Generali Group, with more than [$550 billion] in assets, provides an incredibly deep and established platform for our new warranty services and solutions.”
Among the division’s promised offerings are insurer-as-obligor programs, administrator obligor programs, direct insurer programs, and dealer obligor programs. Target industries include automotive retail as well as powersports, new homes, and white goods.
“Our warranty services line will also allow us to execute on the larger strategy of promoting B2B2C relationships and provide clients both in the U.S. and abroad with a single-stop solution for both regular and extended warranties,” Menéndez said. “And our warranty services line is only the beginning — we will continue to expand our Specialty Insurance Division, leveraging the depth and breadth of our global organization to provide unique solutions to an evolving insurance and services marketplace.”
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