Generali Worldwide Group 2008 Generali Worldwide Group Guernsey – A natural home Mel Carvill...

Generali Worldwide Group 2008

Generali Worldwide Group

Guernsey – A natural home

Mel CarvillNovember 2008

Innovative Risk Solutions


The Generali Group – Overview

Deep Roots

For nearly two centuries Assicurazioni Generali S.p.A has been a leading provider of insurance and financial services to a global market.

Security and Protection

Operates in all branches of insurance, from simple household insurance to the complex needs of multi-national organisations.

Financial Strength

Largest insurance group in Europe by market capitalisation and the 34th largest company in the 2008 Global Fortune 500 ranking, with assets of over €400 bn.

At home throughout the world

Generali operates in over 40 countries, servicing over 54 million clients and employs over 80,000 people.


Generali Worldwide Group – Overview

A specialist arm of the Generali Group

Based in Guernsey, offering sophisticated life insurance-based wealth management and employee benefit solutions across the globe.

Three companies

The Generali Worldwide Group (Guernsey) incorporates:

A broad range of clients

Including multi-national organisations, international expatriates and certain local resident populations.


Generali in Guernsey – A Brief History

1980

1993

Assicurazioni Generali S.p.A established a branch in Guernsey

Generali Worldwide acquired Sun Alliance International Life (later became Generali International)1997

2004 Established international healthcare business in the Caribbean

2003 to 2008Aggressive expansion of all business lines, employing over 250 people across the globe

Generali Worldwide established


Generali in Guernsey – Balance Sheet Growth

Balance Sheet Value

2004 2006 2008

2.4bn

3.1bn

3.9bn*

2007

3.5bn

105%

* Projected figure

1.9bn

2002


Generali in Guernsey – Annual Premium Growth

Individual Business Annual Premium Growth

2004 2005 2007

107.8m

143.4m

394.4m

2006

287.3m

265%


Generali Worldwide Group – Licensed Locations

Ireland

Guernsey& Jersey

Cyprus

Hong KongCayman

Staff Total 272

Guernsey 126

Ireland 117

Cyprus 7

Hong Kong 22

Bahamas


Guernsey – Key Selling Points

International Credibility

Fiscal Neutrality

Regulatory Innovation


Guernsey – International Creditability

Reputation as a first class International Financial Centre

Europe’s captive insurance capital

CISX approved by – FSA, SEC, IOSCO & ICMSA

IMF ‘03 assessment – ‘a high level of compliance'

Political Stability


Guernsey – Regulatory Innovation

Policyholder protection – one of tightest, internationally

One of first financial centres to regulate fiduciaries

ICCs

World pioneer – PCCs

AML laws and regulation ’99 & ‘07

Enhanced trust law ‘07

Enhanced company law ‘08

Guernsey Registry – most advanced, quickest & lowest cost


Guernsey – Fiscal Neutrality

No Guernsey tax on exit / encashment

TIEAs continue to be signed up

Gross roll-up on investments

EU Savings Tax Directive compliant


Solution in Practice – CGIAR

The Consultative Group on International Agricultural Research (CGIAR) was created by the World Bank in 1971 in conjunction with the United Nations to prevent famine in the third world and developing countries. The organisation provides a comprehensive employees benefits package for active and retired employees.

The Challenge

The Organisation wished to provide a uniform but flexible range of benefits to its members across the globe.

The ability to customise the offering and investment choice to their specific needs, while having the solution centrally administered were key decision criteria.

The Solution

Generali Worldwide was able to offer a seamless solution, covering both risk and investment aspects of Employee Benefits.

Key Selling points

Pedigree of Generali.

Reputation of Guernsey.

The range of investment options Generali could offer under the Guernsey regulatory framework.

The ability to manage the global requirements from a single international financial centre.

Result

Generali Worldwide currently administers a multi-million dollar programme for over 1,000 members in over 20 centres around the world.


Summary – Guernsey Innovation

Well respected - a cut above the rest

Large enough to matter - a force to be reckoned with

Small enough to innovate - with a proven track record

Generali Worldwide Group

… Guernsey - a natural home

Generali Worldwide Group 2008 Generali Worldwide Group Guernsey – A natural home Mel Carvill...

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