Italian insurance giant Assicurazioni Generali SpA has completed the sale of its entire holdings in Generali Worldwide Insurance Company Limited and Generali Link to Life Company Consolidation Group (LCCG).
Originally announced in July 2018, the transactions form part of Generali Group’s strategy to improve its operational efficiency, while improving capital allocation and to optimising geographical footprint.
Generali Worldwide is domiciled in Guernsey and specialises in providing life-insurance-based wealth management and employee benefit solutions globally, across a number of territories where it is licensed.
In relation to its group employee benefits offering, Generali Worldwide (in future renamed Utmost Worldwide) will continue to remain active and will act as the partner of the Generali employee benefits network.
Generali Group will also retain the health portfolio of Generali Worldwide in the Caribbean, which will be managed by the Group’s global health unit.
Generali Link is domiciled in Ireland and was launched as a shared service provider, with a focus on Fund and Policy Administration. Generali Link provides services to Generali Worldwide and also Generali PanEurope dac, which was acquired by LCCG in 2017 and renamed Utmost PanEurope dac.
Generali said in July that it had agreed to accept €409 million for the two businesses, as well as up to €10 million of contingent consideration to be paid at completion.