Insurance group Generali rebrands Irish operations after Liberty purchase

New brand RedClick has existing customer base of about 250,000 in Ireland for car and home insurance

Generali announced the purchase of Liberty Mutual Insurance's Irish operations — as well as operations in Spain and Portugal — as part of a €2.3bn deal in June last year. 

Italian insurance company Generali has launched its new brand in Ireland called RedClick following the company’s acquisition of Liberty Insurance’s operations earlier this year.

The company said RedClick would provide property and casualty insurance products. It already has an existing customer base — inherited from Liberty — of about 250,000 customers across Ireland who already have car or home insurance.

Generali’s acquisition of Liberty was announced in June last year as part of a reported €2.3bn deal with US based Liberty Mutual Insurance, which also included operations in Spain and Portugal.

The Boston-based company initially entered the Irish market in 2011 after it took over the failing Quinn Insurance.

The company’s acquisition of Liberty Insurance has already made it one of the biggest players in the property and casualty insurance market in the country.

Generali operates across 50 countries and employs about 82,000 people. It generated €82.5bn in premium income during 2023.

RedClick has a workforce of more than 400 employees across offices in Cavan, Enniskillen, and Dublin.

Deputy chief executive of the Generali Group Jaime Anchústegui, said they were “excited to engage with new customers as well as bring renewed competition to the Irish market, shaped by our robust and sustainable business model with the potential to benefit all Irish consumers”.

Generali has appointed Lorenzo Ioan as the general manager for RedClick to oversee the Irish operations.

The insurance giant is entering a market in which the costs to settle motor insurance claims continue to grow.

According to a Central Bank report last month, the cost to settle motor insurance claims across the entire sector reached a high of €358m during the first half of 2023, driven by a 126% increase in damage-related claims.

The report showed the first six months of last year had the “largest number of settled claims and total settled cost of any half-year period in the time series”, which dates back to the start of 2015.

Total claims costs were 20% higher when compared to the average between 2015 and 2019.