Allianz Global Corporate & Specialty has joined forces with Allianz Property & Casualty (P&C), a local insurer providing commercial insurance coverage.
These companies will now operate under the umbrella name “Allianz Commercial,” marking a significant development in the commercial insurance sector.
The primary objective behind this strategic partnership is to enhance the companies’ commercial insurance offerings. By consolidating their operations, Allianz Commercial aims to cater more effectively to the needs of mid-sized businesses, large corporations, and clients requiring specialist risk coverage.
AGCS is recognised worldwide for its insurance services for diverse and complex corporate risks. Its offering spans sectors such as aviation, marine, and energy. On the other hand, Allianz P&C is a highly respected provider of commercial insurance at the local level, with a strong presence in key markets such as Australia, France, Germany, and the UK.
Allianz Commercial’s new formation is not only a rebranding effort but also involves a structural reshuffle into 11 regions. This structure combines the existing six regional units of AGCS with Allianz’s national commercial businesses, enabling Allianz Commercial to better address market characteristics, broker and distribution practices, and regional nuances.
Moreover, each regional unit will be led by a Commercial Managing Director, who will represent Allianz Commercial’s integrated business to customers and distribution partners. The restructuring aims to provide a more consistent trading experience and a broader range of solutions, thereby bringing more value to the customers.
Chris Townsend, Member of the Allianz SE Board of Management, enthusiastically welcomed this transformation, saying, “Our commercial businesses have been united in ONE global model. With Allianz Commercial, we can service a fuller, more dynamic range of customers under our new unifying name – this gives us an immense competitive advantage and a compelling customer value proposition across the commercial insurance market, rooted in simplicity and consistency.”
In the same vein, Joachim Mueller, the CEO of Allianz Commercial, commented on the significance of the new regional set-up, stating, “The new regional set-up gives us the optimum footprint in all major commercial markets worldwide. We will be able to play the full market in one consistent approach with advanced product solutions, which are grounded in global industry and underwriting expertise and delivered with local market knowledge.”
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