A close of business deadline has been activated for pipeline cases where residents are outside of these jurisdictions.
Generali said it would concentrate on the Bahamas, the British Virgin Islands, the Cayman Islands, Guernsey, Jersey, Hong Kong, Singapore and the UAE (in partnership with Generali Group).
Elsewhere, any of the pipeline cases for individual clients have to be received by 31 December this year and issued by 31 January 2016.
The company also said it will remain active in the QROPS and corporate markets, adding that applications would continue to be accepted from some fiduciaries including trustees of QROPS, SIPP and other international pension schemes in “acceptable jurisdictions” such as Gibraltar, the Isle of Man and Malta.
Case by case basis
In a further clarification, Generali said where the sale of its products by locally-licenced intermediaries is allowed by the regulator, it “will consider accepting applications”.
The markets currently in that category included Gibraltar, Turkey, Labuan-licenced brokers in Malaysia (for expat business only), and appropriately licenced IFAs in Qatar.
Outlook over next three years
On a two to three year view, Generali said it would widen the product offering under the Generali Worldwide banner and, with the backing of the group, would also be seeking to extend its local market presence in a number of locations around the world.
It would achieve this expansion through a series of joint ventures with other group enterprises or by establishing a direct local presence.
Giorgio Daboni, chief executive of the amalgamated Generali Worldwide, said: “This consolidation will strengthen our business focus on long-term sustainable opportunities that are in line with the wider group’s strategy and rapidly evolving market trends.
“The purpose of this process is not to reduce the organisation’s capabilities or size but to leverage the group’s local presence across the globe. This will provide us with many exciting opportunities as we look to expand our business model, similar to the very successful ventures we have already deployed in Singapore and the United Arab Emirates.”
In April this year, Generali announced the planned amalgamation of Generali International and Generali Worldwide and has since confirmed that this will be completed on 11 December.
The new strategy means the company will no longer be able to accept new business applications from around 14 countries, including Switzerland, Kenya, Brazil, and China.
