According to Mr. Menzies, Generali policies and contracts will be honored during what will be an orderly transition: "We will immediately assume all risks on a reinsurance basis through North American Casualty's Continental Indemnity Company and move rapidly into new focal areas through the new Applied Warranty & Insurance Services division." Mr. Menzies added, "We applaud Jose Luis Menendez for his leadership in making Generali's Specialty Lines Division a formidable entity. We welcome the staff that will join him to ensure continuity."
Mr. Menendez, who previously served as Executive Vice President and Chief Insurance Officer as part of his 17-year career at Generali's US insurance operations, will serve as President of Applied Warranty & Insurance Services and will lead its US expansion with new programs realized through Applied's substantial network of agents and brokers.
Mr. Menendez noted, "We have 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. Applied will bolster our ability to grow and deliver enhanced and newly designed products."
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.