Generali Global Corporate & Commercial Unveils Praetorian – An Alternative Risk Program for U.S. Multinational Casualty Clients
24 April 2017
Offering brings Generali’s global fronting history and experience to the U.S. market
NEW YORK, 24 April 2017 – Generali Global Corporate & Commercial (“GC&C” or “the Company”), a leading provider of multinational property, casualty, and specialty insurance and part of the global Generali Group, today announced that its United States branch has introduced Praetorian, an alternative risk insurance program that provides corporate and commercial enterprises with a unique mechanism for assuming insurance risk through a globally compliant multinational casualty insurance program.
Praetorian allows for companies with complex insurance needs to work collaboratively with the Generali team of experienced underwriters to develop customized solutions, which optimize the balance of risk transfer a company takes on with Generali’s highly sophisticated multinational casualty program capabilities. Praetorian offers a flexible solution for the unique and complex needs of multinational organizations with unique coverage requirements, complex exposures, or unique financial structures such as captives.
Warren Berey, Head of GC&C U.S.A. Multinational Casualty, commented on today’s news, “Praetorian was developed in direct response to feedback from our clients and insurance broker partners, many of whom seek alternative financial structures for complex, multinational risks. The program provides flexible solutions that give experienced risk managers more control over their insurance costs. All corporate clients utilizing the new solution are backed by the extensive network and resources of the global Generali Group, one of the world’s largest insurance companies.”
Benefits of the program include:
- Customized structures
- Consolidated collateral and cash flow management
- Flexible security options
- Centralized U.S. claims oversight
- Compliant local policies to address broad coverage needs
- Significant global capacity
- A broad appetite for an array of exposures
Bill Skapof, Head of GC&C U.S.A., concluded, “This alternative offering is a natural progression of our commitment to providing the most comprehensive, flexible solutions possible to meet the dynamic needs of our customers. Our highly experienced and dedicated underwriters develop the right solution for each client based on their risk managers’ financial objectives. We believe strongly in providing value beyond the policy, and Praetorian was designed to do just that.”
Generali Global Corporate & Commercial
Generali Global Corporate & Commercial offers property and casualty, construction, marine, aviation, financial lines, and loss control solutions to multinational organizations operating around the world. The Company’s strong international team provides corporate and commercial clients with industry-leading risk management solutions and services. GC&C’s proprietary global network has policy issuance capability in 150+ countries and has eight main offices in Europe, North and South America, and Asia. The Company’s worldwide operations are backed by a Central Team in Milan that is fully dedicated to supporting its global network, brokers and customers.
The Generali Group
Generali is an independent, Italian Group, with a strong international presence. Established in 1831, it is among the world’s leading insurers and it is present in over 60 countries with total premium income exceeding €70 billion in 2016. With over 74,000 employees in the world, and 55 million clients, the Group has a leading position in Western Europe and an increasingly significant presence in the markets of Central and Eastern Europe and in Asia. In 2017 Generali Group was included among the most sustainable companies in the world by the Corporate Knights ranking.