Applied Underwriters acquires Generali’s US specialty lines division
Mr. Steve Menzies, Chairman, Applied Underwriters , announced that the company has acquired the US Specialty Lines Division of Generali Group, which includes Generali Warranty Services, 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.
“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. 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. Steve Menzies, Chairman, Applied Underwriters.
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.
“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.” – Jose Luis Menendez, President of Applied Warranty & Insurance Services.
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.