In the U.S., motor racing is a surging business attracting increased attention and spending. Allianz Global Corporate & Specialty wants a piece of the action, and expects to launch a dedicated division focused on the sector in North America.
Initial plans call for rolling out an AGCS dedicated motorsports unit initially in the U.S. beginning on Jan. 1, 2016. Further expansion is envisioned for both Canada and Europe in future years. AGCS said it will team with Alive Risk as its managing general agent (part of U.S.-based broker All Risks, Ltd.). Alive Risk employs underwriting, risk management and claims experts knowledgeable about racing facilities, events and teams.
The coverage will be handled through AGCS Entertainment, a division of the specialty insurance that launched in January 2015 from the remnants of the Fireman’s Fund commercial insurance business, which handled entertainment coverage for some time before Alliance Global Corporate & Specialty absorbed it.
Why motorsports? AGCS said that the sport draws more than 15 million annually in the U.S. alone. What’s more, the specialty division of Allianz said that the motorsports are heavily promoted through supporting events such as secondary races, qualifying time trials, auto launch parties, celebrity driver appearances and other broadcast and media undertakings. As the insurer noted, this area of entertainment coverage reflects a natural focus for expansion.
“Motorsports are among the most popular and fastest growing spectator sports in the United States,” Lauren Baily, global head of entertainment at AGCS, said in prepared remarks. “As we have insured countless productions and top-grossing entertainment and sporting events, this expansion makes perfect sense, given our history and expertise in the industry.”
David Cloward, global product leader for live Entertainment, will lead the division. Kelly Iwan, entertainment executive underwriter for AGCS, will handle national program management. Coverage will be targeted specifically to racing facilities, events, teams, sponsors and sanctioning bodies.
Source: Allianz Global Corporate & Specialty