Benefits provider Unum has acquired the renewal rights for Generali UK’s employee benefits business across its group risk products.
Following a selection process, it will also join Generali Employee Benefits’ (GEB) global network to jointly provide UK employee benefits to global employers.
As well as welcoming Generali UK employee benefits’ team to its ranks, Unum will expand its operations and administer Generali UK’s employee benefits existing policies and claims. This will ensure continuity of service, relationship management, and a seamless transition.
Unum has become part of the GEB Network with immediate effect. Generali UK Group Risk policies will begin with the provider once the terms have been accepted before or at the policyholder’s next rate review.
GEB and Unum have stated they will seek approval under Part VII of the Financial Services and Markets Act 2000 for the transfer of Generali UK EB’s remaining policies and claims.
Mark Till, chief executive officer (CEO) of Unum UK, said: “Unum’s expertise and reputation in workplace health and protection, combined with GEB’s global reach in employee benefits, signals the start of an exciting partnership. This acquisition, combined with the expansion of our operations, strengthens our commitment to delivering high-quality workplace protection benefits and exceptional customer experiences. We’re looking forward to working in partnership with GEB to extend our products and services to even more people.”
Ludovic Bayard, CEO of GEB, added: “Welcoming Unum into the GEB Network reflects our strategic ambition and unwavering dedication to sustainable growth and operational excellence. Both Unum and GEB value long-term partnerships built on integrity and mutual trust and share a relentless focus to ‘deliver on the promise’, one of Generali’s key values centred around improving lives.
“By partnering with Unum, a leading employee benefits provider in the UK market, we are significantly strengthening our position in the UK, in the international employee benefits business arena, and in our commitment to delivering best-in-class and innovative solutions to our captives and multinational clients.”
