Generali Worldwide Insurance Company and its wholly owned subsidiary Generali International will merge to capitalise on the globally expanding expat market.
Following the amalgamation of the two Guernsey-based companies, which is subject to regulatory consent and is expected to be completed by the end of the year, the new company will retain the name Generali Worldwide Insurance Company and have combined assets of over €5 billion (£3.6 billion, $5.3 billion).
The new company will look to capitalise on the increasing number of internationally mobile individuals and global employers by strengthening the two firm's existing ties and utilising the full assets of the wider Generali Group, one of the world's largest insurance providers.
Aidan Cullen, Head of Marketing at Generali International and Generali Worldwide, said the merger follows years of synergy between the two companies, which share both management and facilities.
"The amalgamation will bring the two companies together to singularly focus on the growing expat market, which, if it were a country, would now be rated as the fifth largest population in the world," he said.
"We envisage the transition process will have very little impact on the organisations."
Existing customers will not be affected by the changes.
Nick Griffin, Head of Sales at Generali International, said that Generali International will now have a licenced presence in more countries and has its parent company's backing to seek out other licenced opportunities in its merged form.
"We will look at individual jurisdictions in our own right where they are compatible for us as we have already done in Hong Kong and Singapore," he said.
"We will also look to collaborate more closely with the companies within the Generali group for local opportunities, as we have already done in the Middle East."
Giorgio Daboni, Chief Executive at Generali Worldwide Insurance Company, added: "This amalgamation makes practical sense and will enhance our ability to address the rapidly changing needs of both individual and corporate clients in a seamless fashion."
Generali in Guernsey comprises Generali Worldwide Insurance Company, Generali International, and Generali Portfolio Management. Generali Worldwide focuses on internationally mobile and multinationals around the world, providing them with employee benefit solutions on a group basis. Generali International targets local individuals internationally, focusing on savings and investments.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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