Guernsey-based Generali Worldwide has officially been renamed Utmost Worldwide, following the completion of the sale of the entire shareholding of Generali Worldwide Insurance Company and Generali Link to European life assurance specialist Life Company Consolidation Group (LCCG), the parent of Utmost Wealth Solutions.
The sale was announced by Generali in July last year, when LCCG revealed it would acquire Generali's wealth management and service units in Ireland and Guernsey for €409 million.
Generali Worldwide offers life assurance-based wealth management and employee benefit solutions to multinational organisations, international expatriates and local residents in licensed territories. It has £4.5bn in assets under administration and employs some 180 people in Guernsey.
Its sister company, Generali PanEurope, was acquired by Utmost Wealth Solutions last year and renamed Utmost PanEurope. It is also a partner of Generali Employee Benefits (GEB), which provides protection and retirement products to multinational employers.
Generali said: "In relation to its group employee benefits offering, Generali Worldwide [now Utmost Worldwide] will remain active and will act as the partner of the Generali employee benefits network to serve its existing and future clients.
"Generali will retain the health portfolio of Generali Worldwide in the Caribbean, which will be managed by the global health division of Generali. This will allow Generali to maintain its presence in the region, with the aim to further reinforce it and to pursue its strategy of sustainable growth and excellence in service."