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Applied Underwriters Inc. said Monday it has acquired the U.S. specialty lines division of Generali Group, including Generali Warranty Services LLC.
Terms of the transaction were not disclosed.
Applied Underwriters said in a statement that it will add the acquired specialty lines business to its newly formed Applied Warranty and Insurance Services division. Steve Menzies, chairman of Applied Underwriters, will serve as president of the new unit.
Generali policies and contracts will be honored during the transition. "We will immediately assume all risks on a reinsurance basis,” Mr. Menzies said in the statement.
Applied Underwriters Inc. said Monday it has launched a directors and officers division in the U.S. and hired former American International Group Inc. executive Stephen McGill to head up the unit.