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ORLANDO, Fla. — Generali Global Corporate & Commercial said Monday that its U.S. branch has launched a global construction insurance practice focused on providing builder’s risk solutions.
The U.S. branch will be based in New York, according to Generali executives who attended the International Risk Management Institute Inc.'s annual construction conference in Orlando, Florida.
“We have been active in the U.S., writing U.S. infrastructure projects on the behalf of European contractors. It makes sense to broaden that offering to have a local point of sale to write construction projects in the U.S. on behalf of European or domestic contractors for projects that are going on now,” said Andrew Sims, New York-based senior vice president and head of property & construction with Generali, in an interview with Business Insurance.
The practice will be led by Greg Mason, who was named Generali’s New York-based vice president of construction on Monday. Previously, Mr. Mason was executive underwriter at Allianz Global Corporate & Specialty, a unit of Munich-based Allianz S.E.
Italian insurer Assicurazioni Generali S.p.A. is more concerned about low interest rates than Britain's potential exit from the European Union, reported Reuters.