Italian insurance company Assicurazioni Generali (Generali) has completed the sale of its subsidiaries, Worldwide Insurance and Link, to Life Company Consolidation Group (LCCG).
Generali Worldwide Insurance will be renamed as Utmost Worldwide and will continue to remain active.
It will serve as a partner of the Generali employee benefits network to serve its existing and future clients.
Headquartered in Guernsey, Worldwide Insurance offers life-insurance-based wealth management and employee benefit solutions across the world, including multi-national organizations, international expatriates and local resident populations.
Link is located in Ireland and was established as a shared service provider, particularly focused on Fund and Policy Administration. It serves Worldwide Insurance as well as Generali PanEurope dac which was recently acquired by LCCG and renamed Utmost PanEurope dac.
The company will retain the health portfolio of Worldwide Insurance in the Caribbean and it will be managed by the global health division of Generali.
The company expects that it will help to maintain its presence in the region, as it aims to further reinforce it and to continue to pursue its strategy of sustainable growth.
In July, when the deal was announced, the Italian insurer stated that it will receive about €409m as base consideration, along with up to €10m of contingent consideration, which will be paid at completion.
The transaction could lead to positive impact on Generali’s Solvency position by adding about 0.9% points to the Group’s Regulatory Solvency II ratio.
When the deal was announced, LCCG Group CEO Paul Thompson said: “We are very pleased to announce the continued expansion of Utmost Wealth Solutions. I look forward to welcoming the customers, staff and distribution partners of Generali Worldwide’s business to our Group. It demonstrates our commitment to the international life market and further cements our position as a leader in the global market for specialist cross border wealth management and risk solutions.”