Generali PanEurope would be targeting the UK high-net-worth and UHNWI market with a flagship portfolio product and wealth structuring services, which it plans to eventually roll out to private banks, private wealth managers and family offices globally.
According to Generali PanEurope’s head of wealth protection, Cillin O’Flynn, for the past three years Generali had trialed its an offshore bond product and a related wealth structuring services component through a handful of UK-based private banks.
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Founded in 2002, GeneralI PanEurope, an arm of the Trieste, Italy-based insurance giant Assicurazioni Generali, has named David Gregory as the executive director of its UK and international business to head up the new the Generali PanEurope operation. He will be based in London.
Gregory was formerly head of institutional relationships at Canada Life International. He started his career in financial services at Sun Life, which eventually became a part of Axa.
"Generali plans to leverage the expertise it has developed catering for wealthy individuals in such European markets as Italy, Spain, France, Ireland and Germany. Generali’s insurance products have proven particularly popular among those whose previously-undeclared assets have been drawn out into the open by such tax amnesty schemes as Italy’s scudo fiscal," O’Flynn said.
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By GlobalDataPrivate banking in UK
"The UK client Generali expects to be most interested in its new product will have at least GBP1million in investible assets, and probably GBP 3million or more.
"For us the UK is really a private banking space, where we look after the needs of HNW and UHNW clients," O’Flynn said.
"Our product and service offering, which is similar to what we offer in certain European markets, ties in perfectly with high net worth situations, in a way that practically no other providers’ product in the UK marketplace currently does," added O’Flynn.
Offshore bonds
According to the association of British insurers, offshore bonds sales into the UK market in 2011 fell by more than 7% in 2011. The reason behind this is lack of confidence in the economy by the buyers.
As reported in February, 2012, Generali PanEurope will be entering the Swedish market with its range of best-selling regular-premium and single-premium investment products in 2013.
