The UAE Insurance Authority-licenced Generali has written to IFAs, with which it has an introducer agreement, to let them know that no new business will be accepted with immediate effect.
The company will still accept any pending new business applications, where documents have been signed, up until 21 March this year. Generali will also maintain access to its service centre for any existing clients.
The announcement was dated 3 March 2019.
The move follows Friday’s statement from Guernsey-headquartered Utmost Group that it had formally completed its deal to acquire Generali Worldwide.
Generali Worldwide Insurance Co and Generali Portfolio Management are now part of the Utmost Group of Companies and have been renamed Utmost Worldwide and Utmost Portfolio Management, respectively.
In the UAE, Assicurazioni Generali S.p.A. operates a branch office of its global parent company and provides a variety of life insurance products and related services.