Guernsey headquartered Generali International has announced a joint venture with Assicurazioni Generali S.p.A United Arab Emirates (AG UAE), a branch of Generali International's Italian parent.
Generali International, headquartered in St. Peter Port, Guernsey, is a specialist arm of the global financial services conglomerate, the Generali Group, offering sophisticated and powerful life insurance based wealth management solutions to a global audience.
During recent years Generali International has experienced significant growth in many jurisdictions and as part of its continued expansion plans it has now announced the joint venture. The initiative will offer Generali International's popular and award winning savings and investment plans, Vision, Choice and Professional Portfolio, to the Dubai market under the licence of AG UAE. Generali International will market and administer the policies under a service level agreement.
Debbie Le Noury, Head of Generali International, said: "This joint venture provides us with an innovative way to promote our award winning products by leveraging off the global footprint of the Generali Group. Our colleagues from the United Arab Emirates bring with them a wealth of expertise of the market and we look forward to a successful partnership which will bring benefits to our respective companies. We expect this to be the first of many similar joint ventures."
The initiative is a reflection of the high regard in which Generali International is held within the Generali Group, where it is seen as a centre of excellence for the development, promotion and administration of these investment-linked products. This is an important stage in the continued success of Generali International's operations in Guernsey, where it currently employs more than 100 people. It also reflects the importance to the Group of the United Arab Emirates as a future growth area.
Nick Griffin, Head of Sales at Generali International, expressed his excitement at the opportunity.
"Dubai is a lucrative market for our type of offering," he said.
"The UAE has an open economy with one of the highest per capita incomes in the world. There is a sizeable expatriate population in addition to an affluent domestic population, which are the primary markets for our type of products."
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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