Nationwide, Generali to create N2G Worldwide Insurance Services JV
Nationwide Generali joint venture : US insurance group Nationwide Mutual Insurance Company is set to create a joint venture (JV) called N2G Worldwide Insurance Services with Italian insurance giant Assicurazioni Generali with an objective to offer multinational commercial insurance solutions.
Generali will take part in the insurance joint venture through its property and casualty insurance unit Generali Global Corporate & Commercial (GC&C).
N2G Worldwide Insurance Services will be engaged in the exclusive promotion, distribution, and administration of insurance solutions for multi-national exposures on behalf of Nationwide Mutual Insurance Company and Generali.
To be headquartered in New Jersey, N2G Worldwide Insurance Services will solely focus on catering to the needs of multinational commercial insurance clients, and is slated to open for business in Q2 2020. Generali’s Bill Skapof will be the CEO of N2G Worldwide Insurance Services.
Mark Berven – President and COO of Nationwide Property and Casualty, commenting on the Nationwide Generali joint venture, 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.”
Business to the new commercial insurance joint venture will be brought using independent agents, brokers, and wholesalers.
N2G Worldwide Insurance Services will make use of the strong US-based brand recognition and distribution of Nationwide Mutual Insurance Company with the footprint of Generali as a major global insurer with a vast international network and marketing capabilities across the property and casualty sector.
Nationwide, Generali to create a commercial insurance joint venture called N2G Worldwide Insurance Services. Image courtesy of PRNewsfoto/Nationwide.
Using the combined resources of Nationwide Mutual Insurance Company and Generali, the commercial insurance joint venture is expected to be well poised to address the requirements of multinational organizations with US operations and also US-based clients having complex multinational insurance needs.
While Nationwide Mutual Insurance Company will assume US risk exposures, Generali either directly or through its partners will assume non-US exposures.
Commenting on the Nationwide Generali joint venture, Marco Sesana – Country Manager Italy and CEO of Generali Italia and Global Business Lines Generali, 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.”