Generali currently operates in the UK as a branch of Assicurazioni Generali S.p.A. under the European rules known as passporting. In essence this means if an insurance company is authorised in one European country it can automatically be approved to operate in another European country.
The passporting rules are likely to come to an end as a result of Brexit and so we are applying to the UK regulator to be authorised under the UK rules.
Gaining authorisation from the UK regulator will allow us to continue writing and servicing business in the UK.
It will also ensure continuity for existing UK policies as the Generali insurer and legal entity in the UK will remain as Assicurazioni Generali S.p.A. In other words we will not be transferring our existing business to another Generali company or to a third party.
Overall we expect Brexit to have little effect on the way in which we trade, but will of course provide further updates as our plans and discussions develop.
Our project is well advanced and we expect to be fully authorised when Brexit takes effect, either under the temporary regime pending approval of our application for authorisation (if there is no transition period) or with effect from the end of the transition period if a Brexit deal is agreed between the UK and the EU.
In relation to the business we write from the UK into Europe the footprint of Generali gives us a well-established network with which to continue to service the requirements of our customer and broker base within the EU.