Trieste, Italy meet Columbus, Ohio. Ciao! Hello!
Two large insurers — Ohio’s Nationwide and Italy’s Generali — are teaming up to serve commercial insurance customers with global needs. The insurers announced they have formed a joint venture called N2G to address the property/casualty insurance needs of multinational organizations with U.S operations as well as U.S.-based firms with multinational operations.
N2G brings together Nationwide Mutual Insurance Co., one of the largest insurance and financial services companies in the U.S. with $48 billion in revenues, and Generali, one of the largest global insurance and asset management providers, through its property/casualty unit Generali Global Corporate & Commercial (GC&C). Generali is present in 50 countries, with a total premium income of more than € 66 billion in 2018. Among Nationwide’s affiliated companies is surplus lines insurer Scottsdale Insurance.
The commercial P/C gross written premium in multinational programs is estimated at $33 billion in the U.S. and Europe.
N2G will exclusively distribute and administer insurance or multinational exposures on behalf of both organizations. Business to N2G will be sourced through independent agents, brokers and wholesalers. N2G will leverage Nationwide’s U.S. based brand recognition and distribution with Generali’s footprint as a leading global insurer with a large international network and marketing capabilities across the property/casualty spectrum. Nationwide will assume U.S. risk exposures and Generali (directly or through its partners) will assume non-U.S. exposures.
Bill Skapof will lead N2G as chief executive officer. Skapof joined Generali in 2015 as head of GC&C US, executive vice president and chief underwriting officer, working out of New York. Skapof is a senior P/C underwriting sales executive with 30 plus years’ experience. His resume includes six years at Zurich Insurance, eight years at AIG and 17 years at ACE Group (now Chubb).
The executive team also includes Warren Berey, head of underwriting and operations; Jospeh Vanderhoff, chief production officer; and Jennifer Winters, vice president-underwriting.
N2G will be based in New Jersey and focus solely on serving the needs of multinational commercial insurance clients, opening for business in second quarter 2020.
“We are proud to join forces with a strong partner like Generali, combining our trusted customer-focused protection with their existing multinational footprint,” said Mark Berven, president & COO, Nationwide Property and Casualty. “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.”
“This partnership is part of our strategic plan 2021 to be a Life-Time Partner to our customers, offering them innovative and personalized solutions,” Marco Sesana, Country Manager Italy & CEO of Generali Italia and Global Business Lines Generali said. “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” he added.
Nationwide is rated A+ by both A.M. Best and Standard & Poor’s while Generali is rated A by A.M. Best and A- by Fitch.
Topics Mergers & Acquisitions USA Auto Commercial Lines Business Insurance Property Property Casualty Casualty
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