Generali and Nationwide form multinational commercial insurance joint venture

Italian insurer Generali has teamed up with US-based Nationwide Mutual Insurance Company to form a joint venture offering commercial insurance solutions to multinational clients.

The new entity, N2G Worldwide Insurance Services, will exclusively promote, distribute and administer insurance solutions for multinational exposures on behalf of both organisations. Nationwide will assume US risk exposures and Generali will assume non-US exposures.

Based in New Jersey, N2G will open for business in the second quarter of 2020. Business to N2G will be sourced through independent agents, brokers and wholesalers.

The business will be led by Bill Skapof as chief executive officer. Skapof is a senior P&C underwriting sales executive with over 30 years’ experience in global commercial markets. He joined Generali in 2015 as head of GC&C US, executive vice president and chief underwriting officer.

N2G will leverage Nationwide’s US-based brand recognition and distribution with Generali Global Corporate & Commercial's (GC&C) international network and marketing capabilities across the property and casualty spectrum.

The move is designed to help both businesses expand their geographical presence, and enable them to effectively manage complex global commercial risks. It comes at a time when commercial P&C gross written premium in multinational programmes is estimated at ~$33B in the US and Europe market, according to Generali.

“This partnership is part of our strategic plan 2021 to be a Life-Time Partner to our customers, offering them innovative and personalized solutions,” said Marco Sesana, country manager Italy & CEO of Generali Italia and global business lines. “Today we are proud to announce this joint venture that brings together Nationwide’s brand recognition and distribution with Generali Global Corporate & Commercial’s extensive global network and local knowledge in over 160 countries around the world. N2G will be fully equipped to offer a comprehensive and seamless multinational program to its customers.”

Mark Berven, president & COO, Nationwide Property and Casualty, said: “We are proud to join forces with a strong partner like Generali, combining our trusted customer-focused protection with their existing multinational footprint. This partnership between two insurance powerhouses will elevate the solutions we can offer to commercial members to help them protect their business across the globe with extraordinary care.”