Italian insurer Generali has set up a branch in Luxembourg that will focus on employee benefits business.
Generali said the branch will act as the re/insurance operation of the group that will help meet the needs and expectations of global companies and their employees. It will be regulated by the Commissariat aux Assurances (CAA) and Italian regulator IVASS.
“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.”
The move is said to be in line with Generali's strategic objectives to consolidate its leadership in the employee benefits sector.
Generali aims to 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 and wellness, business travel assistance, voluntary employee benefits and pensions.
Luxembourg's political and economic stability, along with its pool of human capital skills and expertise make it an attractive location for expanding the business, Generali stated.
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.”
Generali, Employee benefits, Luxembourg, Europe