Applied Underwriters has acquired the U.S. Specialty Lines division of Generali Group including Generali Warranty Services, which offers extended warranty programs and contractual liability insurance services.
Applied Underwriters said it will aggregate the specialty lines business into its newly-formed Applied Warranty & Insurance Services division. The acquisition will enable Applied Warranty & Insurance Services to expand programs nationally.
According to Steve Menzies, chairman, Applied Underwriters, Generali policies and contracts will be honored during the transition.
Menzies described the new Applied Warranty as offering “varied, flexible and market-wise products that prove eminently useful in the real worlds of warranty, travel insurance, personal electronics and such specialties as event ticket cancellation and similar lines.
Jose Luis Menendez, who previously served as executive vice president and chief insurance officer as part of his 17-year career at Generali’s U.S. insurance operations, will serve as president of Applied Warranty & Insurance Services and will lead its U.S. expansion.
The offices of Applied Warranty & Insurance Services will remain in Miami, Florida.
The transaction is subject to the approval of the Florida Office of Insurance Regulation. No terms were disclosed.
Applied Underwriters operates throughout the U.S., United Kingdom, the European Union and the Middle East. Its operational headquarters is located in Omaha, Nebraska.
Generali Warranty Services is a wholly owned subsidiary of Generali U.S. Branch. Generali Group is based in Italy.
The deal is another in a series of recent acquisitions by Menzies.
*This story ran previously in our sister publication Insurance Journal.