Expected to begin operations in the second quarter of this year, the new joint venture will offer commercial insurance solutions for multinational organisations
Generali’s branch in New York, US. (Credit: Assicurazioni Generali S.p.A.)
American insurer Nationwide Mutual Insurance (Nationwide) and Italian insurance company Generali have formed a new joint venture N2G Worldwide Insurance Services (N2G) to sell multinational commercial insurance solutions.
The new joint venture N2G, will be based in New Jersey, US and is expected to begin operations in the second quarter of this year.
N2G is expected to exclusively promote, distribute and administer insurance solutions for multi-national exposures. Independent agents, brokers and wholesalers will source the business for the new company.
Nationwide Property and Casualty President & chief operating officer Mark Berven said: “We are proud to join forces with a strong partner like Generali, combining our trusted customer-focused protection with their existing multinational footprint.
“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.”
N2G will be positioned to address the needs of multinational organisations
The joint venture will leverage the Nationwide’s network in the US and Generali’s footprint as a global insurer with international network across property and casualty spectrum.
N2G will be positioned to address the needs of multinational organisations with US operations and US-based clients with complex multinational insurance needs.
Generali Italia CEO Marco Sesana said: “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.”
Nationwide will assume US risk exposures, while Generali will assume all the non-US exposures directly or through its partners.
Recently, Nationwide has joined forces with Toyota Insurance Management Solutions (TIMS) to introduce TIMS BrightDrive, a usage-based insurance (UBI) experience created exclusively for owners of Toyota connected cars in the US.