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:
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