A powerful international offshore insurance business - Generali International Limited - has been created in Guernsey through the recent acquisition of the Sun Alliance Life Assurance Company Limited by Guernsey-based Generali Worldwide, part of the multi-national Generali Group.
Generali is Europe's 40th largest company by market capitalisation and the seventh largest insurance company in the world. The group has assets in excess of US$80 billion and is represented in 40 markets in five continents. The new Guernsey business created by the acquisition employs over 100 people and becomes part of a Generali offshore operation that has shareholder equity in excess of US$250 million and assets in excess of US$1.5 billion.
Managing Director of Generali International Limited is Mel Carvill, who says: "The acquisition of SAIL marks Generali Worldwide's entrance into the international retail insurance market after many years of success in the international provision of offshore employee benefits. The take-over has already created a customer base of in excess of 20,000 policyholders.
"As the two companies come closer together in the period following the acquisition we will be utilising the strengths of both operations to retain existing products and to enhance our range by introducing competitive and relevant products from Generali Worldwide, including its established multi-currency, with-profits funds."
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Nigel Taylor, Director of Investment Business or Tammy Menteshvili, Deputy Director of Investment Business on Tel: +44 (0) 1481 712706 or visit the Guernsey Financial Services Commission Web Site at:
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