The Generali Group, Italy's biggest insurer, and Swiss Life Global Solutions said Tuesday they have entered into a long-term commercial partnership and a binding agreement for the acquisition of Swiss Life Network (SLN) by Generali Employee Benefits (GEB) to create the sector's new world leader.
With this transaction, Generali will create the world's leading network in employee services, offering companies over €3 billion in premiums managed, with the aim of setting new standards in service and innovation for multinational clients and their employees worldwide.
Generali and Swiss Life Global Solutions will combine the strengths of their two networks—GEB and Swiss Life Network—and their complementary profiles.
This includes synergies in product offerings (protection and pensions, multinational pooling, captive reinsurance), geographic presence, customer segments, and commercial and technical capabilities, to become a new benchmark in the global employee benefits market.
Ludovic Bayard, CEO of Generali Employee Benefits Network (the employee benefits business line of Generali Care), will lead the new combined network.
