Allianz Global Corporate & Specialty AG (AGCS) has opened its newest branch in Stockholm, Sweden, further expanding its services within the Nordic Region.
Since 2009, AGCS has been active in Sweden through a dedicated key account manager in Stockholm, supported by its Nordic Region hub based in Copenhagen.
The branch will focus on serving companies with a turnover in excess of €70 million, typically those with multinational operations extending beyond the country. According to the Forbes Global 2000, nearly 50 percent of the largest companies in the Nordic Region are Swedish, as of May 2013.
Targeting Growth in the Nordic Region
With its experience in specialized international insurance programs, AGCS sees significant opportunities in export-oriented Sweden and regards the country as a core element of its Nordic Region strategy. The Swedish economy, which features a large precision-manufacturing and engineering industry, also sees strong contributions from the telecommunications, automotive and pharmaceutical sectors, all of which fit well with AGCS’s specialist areas of knowledge.
“Having a local branch in Stockholm was the clear next step in expanding our Nordic Region strategy,” says Stig Jensen, CEO of AGCS Nordic Region. “Our focus right now is pulling together the right kind of local talent, because that’s what our clients need…people on the ground who know the market, speak the language and who can help clients address the challenges they are facing.”
As a branch of AGCS AG, the new office in Sweden will benefit from AGCS’s strong financial ratings (AA from Standard & Poor’s and A+ from A.M. Best) and will continue to work closely with the AGCS Nordic hub in Copenhagen.
AGCS Sweden will initially focus on offering its financial lines, liability, marine and property services with the rest of its lines (engineering, aviation and energy) continuing to be offered in conjunction with its Copenhagen office, before adding these to the Swedish branch portfolio in the coming years.
Source: Allianz Global Corporate & Specialty