Generali manages strategic collaborations with Stellantis and FCAB ecosystem

Generali has recently announced the successful finalization of four major deals over the past few months with Stellantis and the former FCAB ecosystem, working in close collaboration with local BUs (Generali Italy, Generali France, Generali Germany, Generali Poland, Generali Portugal, Generali Jeniot and Europ Assistance) and Group Head Office (GHO).

These achievements testify to the adaptability and forward-thinking approach of our Group in the insurance sector: not only do these strategic partnerships bolster Generali's position, but they also confirm the company's commitment to innovation, customization, and expanding its reach across key European markets.

Let's delve into the details of each of these agreements:

The Promethée Reinsurance Deal

Generali has closed the Quota Share Reinsurance deal (“Promethée”) with Stellantis’ captive insurance body, which aims at internalizing the MTPL & MOD insurance value chain across 7 EU markets.

The partnership officially started in August. Munich Re is leading in reinsurance, and Generali is the only traditional insurer in the Quota Share reinsurance pool, with a 15% retention. This one is split equally between Assicurazioni Generali and Generali Italia, with each holding 7.5%

Based on Stellantis Insurance business plan, the deal is worth €225 million GWP (Gross Written Premium) and has a duration of four and a half years. 

Acting as a reinsurer with carmakers is a new field for Generali and represents a major leap forward, especially in today’s context of original equipment manufacturers (OEMs) progressively internalizing their insurance activities.
 

Crédit Agricole Auto Bank Partnership

Generali finalized the renewal of its partnership with Crédit Agricole Auto Bank (ex FCAB) in Italy, Germany and Poland.

The agreement is valid for 2 years beginning in January 2024 and includes an optional third one, with the deal accounting for ca. €100 million GWP per year in these 3 markets (ca. €300 million GWP over the course of the 3-year agreement). As part of this partnership, Generali will work on designing specific services for electric vehicles and will evaluate customizing the commercial offering for specific OEM partners of CA Auto Bank.

The deal with CA also includes a partnership with Drivalia, dedicated to finding innovative solutions for short-term and long-term vehicle rental activities.  
 

Stellantis Company Cars Deal

Stellantis has been looking for a single insurance provider to cover its fleet of 70,000 company cars spread across 17 EU countries. Generali Italia has managed to carve out the Italian fleet from the rest of the international program and managed to retain the fleet of vehicles (6,000 vehicles – ca. €3 million GWP) while increasing prices.

Leasys Partnership

With Leasys (50-50 JV between Stellantis and Crédit Agricole), Generali renewed its EMA partnership for MTPL insurance in Italy and Germany until December 2024. Generali also works with Leasys in Portugal and has launched a dedicated product in France (exclusive distribution agreement on MTPL & MOD with French broker Bessé).

The overall value of Leasys is approximately €67 million GWP in these 4 markets. Moreover, there is an interest to jointly develop innovative services with Leasys to deploy some differentiating capabilities, such as telematics (leveraging the expertise of Jeniot), instant insurance and VAS alongside Europ Assistance.