Generali US Branch, the United States arm of Generali Group, is launching a new specialty insurance division that will focus on providing comprehensive warranty services and solutions.
In a statement, Generali explained that the specialty insurance division would provide both insurance and obligor services for warranty programs worldwide.
According to the company, combining obligor services with the financial backing of Generali Group, which had a total premium income of more than €66 billion in 2018, would allow the new warranty services business to provide dedicated support with sound financial backing to both United States and multinational consumer-facing businesses.
Jose Luis Menéndez, executive vice president and chief insurance officer at Generali US Branch, commented, "Our U.S. 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."
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].