Allianz Global Corporate & Specialty SE (AGCS) is reorganizing its regional management structure to accommodate new growth. In a related move, it is launching a new business line targeted to mid-sized companies.
The global industrial insurance arm of the Allianz Group said it would split its Chief Regions and Markets Office into three divisions instead of two, in part, to better handle expansion in North America. Already, it operates through a network of 28 offices and develops market-facing activities, the company said.
As well, AGCS will roll out a new business line for mid-sized companies, with a “Mid-Corporate” marketing banner in selected countries. This line will focus on businesses with revenues that fall under the company’s normal corporate client threshold of $633.3 million. Specifically, it will offer property and liability insurance products for mid-sized businesses with revenues above $126.6 million in markets where other Allianz property/casualty companies aren’t active.
“The reorganization of our regional setup and creation of a “Mid-Corporate” line of business reflects AGCS’ growth, especially in the important North American property & casualty market, as well as the company’s increasing diversification by product and by geography,” Axel Theis, CEO of Allianz Global Corporate & Specialty, explained in a statement.
To accommodate the changes, AGCS has taken the following actions:
- New board member Carsten Scheffel, regional CEO for AGCS in London, will now lead the AGCS business in the U.K., Ireland, the Nordic region, Russia and Central/Eastern Europe, the Middle East, Australia and New Zealand, and South America.
- Art Mossman, already a member of the AGCS SE Board of Management, will lead the second region with a particular focus on North America, Canada and Mexico, and also have CEO responsibility for this region. ACGS intends Mossman’s expanded duties to help support integrating the commercial business of Fireman’s Fund Insurance Company into its North American operations.
- Hugh Burgess, currently regional AGCS CEO for North America, will become global head of AGCS’ “Mid-Corporate” line of business.
Andreas Berger, the board member who handles the third region for the Chief Regions and Market Office, will continue with the same responsibilities. Berger will cover business for AGCS in Germany, Austria, Switzerland, the Mediterranean Region, Asia and Africa, and also still manage the broker distribution channel for the Allianz Group.
Source: Allianz Global Corporate & Specialty SE