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Unum acquires renewal rights to Generali UK’s employee benefits business

by Emma Simon
May 21, 2025
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Unum has acquired the renewal rights to Generali UK’s employee benefits business, helping it add scale to its group risk business and expand into the global captive insurance market.

As part of this agreement Unum will join the Generali Employee Benefits (GEB) Network with immediate effect, to provide UK employee benefits solutions to global employers.

Generali UK ’s employee benefits team will join Unum, and continue to administer and pay the claims of existing clients to ensure continuity of service. Generali UK group risk policies will commence with Unum once terms have been accepted before or at the policyholder’s next rate review. 

Generali is a global insurance business focused on larger multi-national corporates. Typically it will arrange insurance with partner organisations in each country these business operate in, primarily using captive or pooling arrangements. To date it has used its Generali UK subsidiary for its UK business. 

Under the terms of this new agreement it will partner exclusively with Unum for 10 years. 

Unum CEO Mark Till says that as well as increasing Unum’s footprint in the group life, group income protection and group critical illness sector, this deal will give it capability in the captive market, which it had not had before. It says it had limited pooling capability, which will be extended by this deal. 

Till adds that Generali has recognised the Unum’s rich proposition when it comes to group risk products, which can enhance its global offering. 

This agreement comes amid consolidation in the UK group risk market. Last year Aviva bought AIG Life book of business which has helped make it one of the largest providers across the sector.

In the UK group risk market Generali UK has had a relatively small presence, dealing with a smaller number of schemes, but given the size of these business this can equate to a large number of employees covered. 

In 2020 — the last year for which Generali UK disclosed figures for Corporate Adviser’s Workplace Wellbeing and Protection Report — it offered group life to 180 employers in the UK, covering 391,000 employees. In the group income protection market it had the same number of employers, covering 147,000 employees, and had just three corporate schemes in the group critical illness market (covering 5,000 employees). 

In contrast, Unum offered group income protection to more than 6,000 employers at the end of 2023, making it the largest provider in this market – in terms of employers covered. In total it covers more than  800,000 employees on these schemes. In the group life market it covers over 8,000 employers and 1.08m employees. 

Unum UK CEO Mark Till says: “This acquisition, combined with the expansion of our operations, strengthens our commitment to delivering high-quality workplace protection benefits and exceptional customer experiences. 

“We’re looking forward to working in partnership with GEB to extend our products and services to even more people.”

GEB CEO Ludovic Bayard adds: “By partnering with Unum, a leading employee benefits provider in the UK market, we are significantly strengthening our position in the UK, in the international employee benefits business arena, and in our commitment to delivering best-in-class and innovative solutions to our captives and multinational clients.”

GEB and Unum will seek approval under Part VII of the Financial Services and Markets Act 2000 for transfer of the remaining Generali UK EB policies and claims.

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