Applied Underwriters Sets Acquisition of Generali's Specialty Lines Division

The newly formed Applied Warranty & Insurance Services will expand programs, availability

News provided by

Jul 12, 2021, 09:00 ET

OMAHA, Neb., July 12, 2021 /PRNewswire/ -- Mr. Steve Menzies, Chairman, Applied Underwriters, today announced that the Company has acquired the US Specialty Lines Division of Generali Group, which includes Generali Warranty Services, LLC, a fully licensed obligor. This is the latest in an ongoing series of Applied acquisitions. Applied Underwriters will aggregate the Specialty Lines business into its newly formed Applied Warranty & Insurance Services division. The acquisition will enable the development and expansion of its offerings nationwide.

According to Mr. Menzies, Generali policies and contracts will be honored during what will be an orderly transition: "We will immediately assume all risks on a reinsurance basis through North American Casualty's Continental Indemnity Company and move rapidly into new focal areas through the new Applied Warranty & Insurance Services division." Mr. Menzies added, "We applaud Jose Luis Menendez for his leadership in making Generali's Specialty Lines Division a formidable entity. We welcome the staff that will join him to ensure continuity."

Mr. Menendez, who previously served as Executive Vice President and Chief Insurance Officer as part of his 17-year career at Generali's US insurance operations, will serve as President of Applied Warranty & Insurance Services and will lead its US expansion with new programs realized through Applied's substantial network of agents and brokers.

Mr. Menendez noted, "We have varied, flexible and market-wise products that prove eminently useful in the real worlds of warranty, travel insurance, personal electronics and such specialties as event ticket cancellation and similar lines. Applied will bolster our ability to grow and deliver enhanced and newly designed products."

The offices of Applied Warranty & Insurance Services will remain in Miami, Florida. The transaction is subject to the approval of the Florida Office of Insurance Regulation.

For further information contact: Ryan Gerding, Public Relations, at +1 (913) 602-8531 or at [email protected].

About Applied Underwriters (www.auw.com)

Applied Underwriters^® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates widely throughout the US, UK, EU and Middle East. Its operational headquarters is located in Omaha, Nebraska.

About Generali Warranty Services, LLC

Generali Warranty Services is a wholly owned subsidiary of Generali US Branch. As such, the company is backed by the financial strength and resources of an 'A' rated insurer. As part of Generali's Specialty Lines Division, Generali Warranty Services provides services for warranty programs by applying the experience of the Generali Group and its estimable financial strength.

SOURCE Applied Underwriters