- AGCS’ Alternative Risk Transfer team evolves into two specialist units from November 1.
- Capital Solutions team to be led by Richard Boyd, current ART Chief Underwriting Officer; Alternative Risk Transfer by Michael Hohmann, current Global Head of Liability at AGCS.
- New global leadership for Liability: From January 1 2019, Ciara Brady joins AGCS from Swiss Re as Global Head of Liability.
“Large companies are increasingly seeking to assume more control over their risk management beyond traditional insurance products in property or liability. With our two new lines of business, we can respond to these needs by designing multi-line, multi-year, parametric or capital-market solutions to protect our clients from earnings and cash flow risks. Our new structure and leadership team will help AGCS to further evolve and grow this important segment of our business”, says Hartmut Mai, AGCS Board Member and Chief Underwriting Officer Corporate.
Similarly, there is increasing demand from both investors and insurers for products which bring together the insurance and capital markets. These so-called Insurance Linked Securities products are typically where capital market investors such as pension funds are interested in accessing insurance risks to diversify their portfolios, for example through catastrophe bonds. As a global insurer with an unusually diverse portfolio, AGCS is ideally placed to source insurance risks – typically event-driven risks such as earthquakes and hurricanes – that can then be structured by the Capital Solutions team into a form that is acceptable to capital market investors.
Ciara Brady to lead Liability line of business globally
In the interim phase between November 1 and January 1, AGCS’ Deputy Global Head of Liability Alfred Henneboehl assumes responsibility for Liability, working closely with the global Liability leadership team to steer day-to-day operations. The focus of Paul Schiavone, current Global Head of ART, will shift to his existing regional responsibility as North America Head of Long Tail Corporate Lines.
Mr. Mai commented: “I am delighted to welcome Ciara to AGCS. She will build on the outstanding business that Michael Hohmann has already established over his nine-year tenure as our Global Head of Liability as he now turns his skills to continuing the successful expansion of our solutions and services beyond traditional commercial insurance.”
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About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. AGCS provides risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 12 dedicated lines of business.
Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses, and private individuals. Among them are the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also wineries, satellite operators or Hollywood film actors. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.
We constantly strive to deliver the best for our customers through our global team of around 4,400 employees from over 70 nationalities in 34 countries worldwide. As the one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial strength ratings and a global network in over 200 countries and territories. In 2018, AGCS generated a total of €8.2 billion gross premium worldwide.