(CMR) Generali and Utmost Worldwide will be withdrawing from the Cayman Islands medical insurance market on September 16, 2021.
Generali announced the withdrawal last week in a letter to clients and members. A notice has also been posted on the company's website.
In February 2019, Generali Worldwide Ltd was sold to the Utmost Group; however, services to clients and members in the Cayman Islands continued under the Generali Worldwide brand.
Generali said the existing partnership, where Utmost Worldwide Ltd is the Cayman insurer and support services are provided by Generali, is now coming to an end.
“This announcement has no impact on existing clients, policies, or claims that are currently in force. All benefits and services provided through existing policies will continue, and members should not encounter any change in their service or experience,” Generali stated in the notice on its website.
In a letter on March 22 to clients, the company said the level of cover under policies existing at that time will be unaffected and will continue until they expire. Similarly, claims will continue to be paid under current policy terms and conditions.
“In respect of renewals, we will continue to offer renewal terms for policies renewing up to and including 16th September 2021,” the letter stated.
Utmost Worldwide said it was working closely with Cayman regulators and “would like to reassure you that we will be honoring all of our commitments to existing policyholders, and we will be providing the same levels of service that you have come to expect from us.”