Applied Underwriters said the deal will enable the development and expansion of its offering in the United States. The acquired specialty lines business will be integrated into the newly established Applied Warranty & Insurance Services division of Applied Underwriters.
After the transaction, all current Generali guidelines and contracts will be complied with in the course of business transfers. In addition, Jose Luis Menendez – who previously served as Executive Vice President and Chief Insurance Officer at Generali – will serve as President of Applied Warranty & Insurance Services. He will lead the unit’s expansion in the United States with new programs implemented through Applied’s extensive network of agents and brokers.
“We will immediately assume all reinsurance-based risks through North American Casualty’s Continental Indemnity Company and quickly move into new areas of focus through the new Applied Warranty & Insurance Services division,” said Steve Menzies, Chairman of Applied Underwriters.
Menzies added that Applied Underwriters recognizes Menendez’s leadership of Generali’s Specialty Lines division and that the company welcomes both Menendez and his team.
“We have diverse, flexible, and market-driven products that are extremely useful in the field of warranty, travel insurance, personal electronics and specialty areas such as event ticket cancellation and the like,” commented Menendez, delivering improved and redesigned products. “
Applied Warranty & Insurance Services offices will remain in Miami, FL after the transaction.