The new division, Arte Generali, will be headquartered in Munich, Germany, serving as an insurance partner for art collectors
Italian insurance firm Generali has launched Arte Generali, a new global business unit to serve as an insurance partner to art collectors.
Generali stated that its new business division will offer personalised solutions that go beyond insurance coverage for art pieces, jewellery and other valuable belongings and will include assistance in the form of restoration, transport and storage, along with digital tools that use the latest technology.
To be headquartered in Munich, Germany, Arte Generali, will report to Generali Deutschland CEO Giovanni Liverani. The central hub will support local underwriting and claims management teams empowered by unmatched services and new technology.
Generali Group CEO Philippe Donnet said: “I am very glad to announce the launch of Arte Generali, a milestone in the execution of Generali 2021. With Arte Generali, we start a new chapter in Generali’s history within the insurance industry.
“Furthermore, Arte Generali resonates strongly with Generali’s expertise, legacy and DNA as it can build on the Group’s leadership in terms of technical insurance performance and on its tradition as a patron to the arts and the culture.”
Generali aims to become top-three player in the next five years
The company is also of the opinion that the global art value will increase by more than 20% from 2017 to 2022 and that worldwide art insurance revenues will increase by 6% on an average annually, reaching $2.3bn. Generali aims to become a top-three player in the art insurance segment in the next five years.
Generali Deutschland CEO and Group Management Committee member Giovanni Liverani said: “Arte Generali will complement Generali’s offering across all geographies and provide innovative solutions and service to meet the highest expectations while tapping into a growing market.
“I am very glad for the support of two world-class artists like Oliviero Toscani and Maurizio Cattelan as testimonials of this venture.”
In July this year, the company had agreed to acquire Portugal-based Seguradoras Unidas and AdvanceCare from Calm Eagle Holdings for €600m (£539m).