Generali to downsize its portfolio in London
The Italian insurance giant denied the allegation of reviewing its presence in the British market
Despite latest news, Italy's biggest insurance company Generali does not intend leaving the British Marine market where – at least for the time being – it's only considering to cut the portfolio.
On August 8th, TradeWinds announced that Generali insurance group was ceasing to write the marine hull insurance in London, reporting how Trieste-based corporation allegedly started quitting business and relocating London's workers engaged in marine hull insurance due to low generated returns .
However latest leak continues spreading even on the domestic market: as told Ship2Shore by some insiders, widespread conviction would be that the 'Winged lion' determined quitting London's marine hull market in order to restructure this business, particularly focusing on different markets (obviously starting with the Italian one, followed by France and Spain).
Major target would be generating new economy of scale and attempt raising the low margins achieved in past years.
However Generali denied the allegation: the insurance group, contacted by Ship2Shore, pinpointed that, for the time being, they are not considering quitting London's marine hull business.
The British Marine portfolio was recently downsized due to exceptional reasons and not to long term strategies.
Generali confirms its intention to keep operating under the Big Ben, both in the Marine and in all markets they are currently committed to.