Guernsey-based Generali Worldwide has officially been named Utmost Worldwide as Generali SpA announced this Friday that it has completed the sale of its entire shareholding in Generali Worldwide Insurance Company Limited and Generali Link to Life Company Consolidation Group.
This follows the announcement of the sale by Generali on July 19, 2018, when Utmost Wealth Solutions' parent company, Life Company Consolidation Group (LCCG), revealed it was going to acquire Generali's wealth-management and service units in Ireland and Guernsey for €409m.
In a statement, Generali said that "in relation to its group employee benefits offering, Generali Worldwide (in future renamed Utmost Worldwide) will continue to remain active and will act as the partner of the Generali employee benefits network to serve its existing and future clients.
"Generali will retain the health portfolio of Generali Worldwide in the Caribbean, which will be managed by the global health division of Generali. This will allow Generali to maintain its presence in the region with the aim to further reinforce it and to continue to pursue its strategy of sustainable growth and excellence in service."
The Utmost Group now has over £33bn in assets under administration and over 240,000 customers.