Allianz Group is expanding its industrial and corporate reinsurance business into Peru, a move the German company said reflects its continued focus on growth in emerging markets around the world.
Allianz division Allianz Global Corporate & Specialty Resseguros Brazil will handle the effort, through the use of its local Brazilian reinsurer license, the company said. AGCS Re Brazil pursued similar growth actions in Chile and Columbia earlier this year.
Plans call for working with clients and local direct insurers in Peru to offer specialized underwriting expertise as a reinsurer for both stand-alone risks or as part of global programs, Allianz said. Coverage areas in Peru will include aviation, marine, financial lines, engineering, liability and property.
ACGS Re Brazil regional CEO Angelo Columbo will shepherd market growth in Peru, with a goal of 15 percent premium growth target across the region through 2014. That’s a year after initially gaining its local license in Brazil. Backing the effort further: an A.M. Best A (Excellent) rating and a local Standard & Poor’s AAA rating.
So why make the move?
“We see significant demand for our specialist expertise in Peru, so this initiative is a logical step for AGCS globally, as we continue to build our network of services into fast developing markets,” Art Moossmann, chief regions & markets officer and a member of the Board of Management of AGCS SE, said in a statement. AGCS SE is the larger division that handles corporate and specialty insurance business for Allianz around the world.
Meanwhile, Allianz, Europe’s largest insurer, recently reported an 11 percent rise in 2014 second quarter profit, thanks to higher earnings from its life and health insurance unit, and fewer natural disaster claims.