Generali unveils new Luxembourg branch
Italian insurer Generali has set up a new branch in the Grand Duchy of Luxembourg dedicated to the employee benefits business.
Generali said the move is in line with the group's strategic objectives to consolidate its leadership in the employee benefits sector.
The new Luxembourg branch will operate as the re/insurance operation of the group to help meet the new needs and expectations of global companies and their employees. It will be regulated by the Commissariat aux Assurances (CAA) and Italian regulator IVASS.
With the new branch, Generali aims to consolidate its global position in the multinational corporate segment; accelerate its expansion in the international middle market segment; and launch new initiatives in the fields of health & wellness, business travel assistance, voluntary employee benefits and pensions, the statement says.
According to Generali, Luxembourg represents the ideal place to centralize EB’s global operations. Luxembourg’s political and economic stability and pool of human capital skills and expertise make it an extremely attractive destination for global business expansion.
“The creation of this new branch is another important step towards the strengthening of our position in the employee benefits market,” said Frédéric de Courtois, CEO Generali global business lines & international. “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, added: “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.”
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