Generali and Nationwide announce joint venture to offer multinational commercial insurance solutions
Backed by Nationwide - rated A+ by both A.M. Best and Standard & Poor’s – and Generali, rated A by A.M. Best and A by Fitch, N2G will be based in New Jersey and focus on serving the needs of multinational commercial insurance clients, opening for business in second quarter 2020.
As businesses continue to expand across borders and compete internationally, they increasingly expect an insurance solution that will enable them to effectively manage global commercial risks.
This is why Nationwide Mutual Insurance Company (Nationwide) and Generali, through its P&C unit Generali Global Corporate & Commercial (GC&C), have joined forces and decided to embark on an innovative joint venture. Today, the two companies announced the launch of N2G Worldwide Insurance Services LLC (N2G), designed to support multinational solutions for international commercial clients.
N2G is a joint venture that will exclusively promote, distribute and administer insurance solutions for multi-national exposures on behalf of both organizations. Business to N2G will be sourced through independent agents, brokers and wholesalers. N2G will leverage Nationwide’s strong 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 and casualty spectrum. Utilizing the combined resources of both Nationwide and Generali, N2G will be well positioned to address the needs of multinational organizations with U.S. operations as well as U.S. based clients with complex multinational insurance needs. Nationwide will assume U.S. risk exposures and Generali (directly or through its partners) will assume non-U.S. exposures.
“This partnership is part of our strategic plan 2021 to be a Life-Time Partner to our customers, offering them innovative and personalized solutions”, declared Marco Sesana, Country Manager Italy & CEO of Generali Italia and Global Business Lines. “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 comprehensive and seamless multinational program to its customers”, he added.
“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 of 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.”
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. He is a senior P&C underwriting sales executive with 30-plus years’ experience in developing highly successful product, distribution and sales strategies in support of global commercial markets, having established successful multinational capabilities for the most prominent insurance players in the segment.