Generali US Branch, the US arm of Generali Group, a leading insurance and financial services group with more than €500 billion in assets today announced the launch of their new Specialty Insurance Division which will focus on providing comprehensive warranty services and solutions.
The Specialty Insurance Division will provide both insurance and obligor services for warranty programs worldwide by applying the experience Generali Group’s 71,000 employees have gained from serving more than 61 million customers across the globe. Combining obligor services with the financial backing of Generali Group, which had a total premium income of more than €66 billion in 2018, will allow the new warranty services business to provide dedicated support with sound financial backing to both US and multinational consumer-facing businesses. Generali’s leading position in Western Europe as well as its significant and growing presence of over 400 subsidiaries in the US, Central and Eastern Europe, Asia, and South America allows this new division to provide an unparalleled level of international support.
Jose Luis Menéndez, Executive Vice President and Chief Insurance Officer, Generali US Branch, commented on today’s news, “Our US Specialty Insurance Division is uniquely positioned to leverage Generali Group’s 200 years of proven service and its vast network of over 400 companies in over 50 countries, to provide specialized offerings both in the US and internationally. The backing of Generali Group, with more than €500 billion in assets, provides an incredibly deep and established platform for our new of warranty services and solutions.
The Specialty Insurance Division will partner with a wide array of consumer retailers and dealers, third party administrators, and other consumer-facing entities to provide robust and tailored warranty services for consumer products. Generali’s multinational and domestic capabilities will allow the new warranty service line to support a variety of warranty program structures including Insurer as Obligor Programs, Administrator Obligor Programs, Direct Insurer Programs, and Dealer Obligor Programs.
With the stability and reach of one of the largest global insurance providers, the Specialty Insurance Division plans to provide warranty services for a wide array of products including motor vehicles, watercraft, travel trailers, new homes, home systems, major appliances, televisions, consumer electronics, as well as computers and other peripherals.
Mr. Menéndez concluded, “Our warranty services line will also allow us to execute on the larger strategy of promoting B2B2C relationships and provide clients both in the US and abroad with a single-stop solution for both regular and extended warranties. And our warranty services line is only the beginning — we will continue to expand our Specialty Insurance Division, leveraging the depth and breadth of our global organization to provide unique solutions to an evolving insurance and services marketplace.”