Nationwide Insurance goes international with Generali partnership
The strategic joint venture between the two insurers will help support multinational solutions for international clients.
Nationwide, the “on your side” U.S. insurer, has now crossed borders to enter the international stage.
In a joint venture with Generali, a global insurance and asset management provider, the two companies have announced the formation of N2G Worldwide Insurance Services (N2G) to support multinational solutions for international commercial clients and effectively manage global commercial risks.
With commercial P&C multinational programs generating an estimated $33 billion in GWP in the U.S. and Europe, according to data from Orbis, RIMS and Bureau of Economics, the new venture is a strategic move for both organizations as they chase growth opportunities. For Generali, the partnership is its latest move to increase its international foothold. Recently, the Italy-based insurer was among the potential bidders for the life and general insurance businesses in Malaysia owned by AXA and Affin Bank, Bloomberg reported.
According to a press release, N2G will open for business in second-quarter 2020 with Bill Skapof leading the company as chief executive officer. Business to the organization will be sourced through independent agents, brokers and wholesalers, with Nationwide assuming U.S. risk exposures and Generali assuming non-U.S. exposures.
“We are proud to join forces with a strong partner like Generali, combining our trusted customer-focused protection with their existing multinational footprint,” Mark Berven, president & COO, Nationwide Property and Casualty, said in a statement. “This partnership between two insurance powerhouses will elevate the solutions we can offer to commercial members to help them protect their business across the globe with extraordinary care.”
Generali’s Marco Sesana, country manager Italy & CEO of Generali Italia and Global Business Lines, added: “This partnership is part of our strategic plan 2021 to be a Life-Time Partner to our customers, offering them innovative and personalized solutions. Today we are proud to announce this joint venture that brings together Nationwide’s brand recognition and distribution with Generali Global Corporate & Commercial’s extensive global network and local knowledge in over 160 countries around the world. N2G will be fully equipped to offer a comprehensive and seamless multinational program to its customers.”
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