In a letter sent to policyholders last week, Generali said the merger of the two Guernsey-based companies is expected to be completed on 11 December.
The combined companies will retain the name Generali Worldwide Insurance Company.
However, the move means the insurer is to pull out of 14 jurisdictions, including China, Brazil and Switzerland, as reported in April.
Seamless
“The purpose of the amalgamation is to maximise the strengths that exist between the two entities, to more closely and seamlessly address the needs of our existing and future clients,” the letter reads.
“This amalgamation makes practical sense as the two companies have worked closely for many years, sharing many core functions, facilities and management.”
No action
Generali reassured policyholders that the merger would have no impact on the financial security of the business because the international arm is already a “wholly-owned subsidiary” of the Generali Worldwide Insurance Company.
Policyholders will not need to take action as a result of the merger.
News of the amalgamation emerged in April. The combined companies will have assets of more than €5bn (£3.6bn, $5.3bn).
The merger is subject to regulatory consent.
Optimising competitiveness
“We are excited about the amalgamation,” said Generali chief executive Giorgio Daboni.
“It will give us the opportunity to build upon our already strong position in various markets by further aligning our shared values, optimising competitiveness and delivering an extended range of compelling customer-centric solutions.”
