Italian insurer Assicurazioni Generali S.p.A. has announced that it has established a new branch in Luxembourg, which will be dedicated to its business in the Employee Benefits (EB) sector.
The new branch will allow Generali to better meet the needs of global companies and their employees by consolidating the Group’s position in the Multinational Corporate segment and by accelerating its expansion into the International Middle Market segment.
It will also see Generali launch new initiatives in the fields of Health & Wellness, Business Travel Assistance, Voluntary Employee Benefits, and Pensions.
Luxembourg was selected as the base for Generali’s global EB operations due to its strong financial and re/insurance sectors, its political and economic stability (AAA ranking), and its wealth of human capital skills and expertise.
Frédéric de Courtois, Chief Executive Officer (CEO) of Generali Global Business Lines & International, said: “The creation of this new Branch is another important step towards the strengthening of our position in the Employee Benefits market. We will be more effective in facing the challenges posed by the market and we will reinforce our capacity to serve our clients”.
Sergio di Caro, CEO at Generali Employee Benefits, also commented: “The opening of the new branch of Generali in Luxembourg, solely dedicated to EB, highlights the strategic importance of this line of business for the Group.
“This fact, together with the ongoing initiatives in the fields of customer segmentation, product offering and technology, forms part of a wider development plan aiming at strengthening our leading position in the international EB market and improving the service to our customers”.
Ludovic Bayard, General Manager at Assicurazioni Generali SpA, Luxembourg branch, added: “This is an exciting moment for the Generali Group. With this new (re)insurance branch dedicated to the EB business, Generali will be able to accelerate its growth and expand its lines of business with reinforced agility.
“We are committed to further enhancing our range of products & services towards our global customers to meet all their needs and expectations”.
Generali’s new Luxembourg branch will be regulated by the Commissariat aux Assurances (CAA) and Italian regulator (IVASS).