- Grant Maxwell appointed as Global Head of Alternative Risk Transfer at AGCS reporting to Chief Underwriting Officer Corporate Tony Buckle
- Non-traditional risk transfer solutions increasingly important for multinational corporations
Effective immediately, Grant Maxwell will be appointed as Global Head of Alternative Risk Transfer at Allianz Global Corporate & Specialty (AGCS), reporting directly to AGCS SE Board Member and Chief Underwriting Officer Corporate Tony Buckle. Since February 2020 Maxwell has led the global Alternative Risk Transfer (ART) team on an interim basis. AGCS’ ART line of business provides structured (re)insurance solutions including fronting solutions tailored to companies’ specific needs.
AGCS Chief Underwriting Officer Tony Buckle says: “I look forward to working with Grant and his team to further evolve ART’s client offering and global model. AGCS focuses on serving large, multinational companies – and these are increasingly seeking innovative solutions to protect their earnings and cash flow risks or to cover unusual or complex risks, where traditional insurance products are inadequate. Therefore, ART solutions are an increasingly important differentiator for AGCS in the market.”
ART Head of Underwriting & Portfolio Management since May 2019, Maxwell originally joined AGCS in March 2008 and was Regional Head of ART for AGCS’ Regional Unit London and also Head of ART Deal Management since February 2010. Prior to his time with AGCS, he held senior underwriting roles at XL Capital, Gerling and St Paul Re. Prior to that he was an actuarial consultant at Tillinghast, a unit of Willis Towers Watson. Maxwell is a graduate in Actuarial Mathematics & Statistics from Herriot-Watt University in Edinburgh, Scotland and is a Fellow of the Institute & Faculty of Actuaries.
Beyond traditional insurance solutions
ART was established as a standalone line of business at AGCS in November 2019, since then operating in the alternative risk transfer segment together with AGCS’ Capital Solutions team which specializes in insurance-linked securities to transfer insurance risks into capital markets. ART is organized as a global line of business with regional teams to service brokers and clients locally while ensuring access to experts around the world. In 2019, ART generated gross written premium of approximately 800 million Euro, including fronting premiums.
ART solutions go beyond traditional Property & Casualty products and can help companies in several key ways such as self-financing atypical risk, transferring non-traditional risks or bringing multiple lines of coverage into a single, multi-year contract. They are also attractive for companies impacted by reduced earnings due to specific non-damage events like supplier failure where business is interrupted, but not by traditional events like fire or flood. Given this booming market, AGCS experts have highlighted five key trends in the ART space.
ART also specializes in providing structured global fronting services and/or reinsurance to captive (self-insurance) programs for large corporate customers, using Allianz’s worldwide network of local companies and partners.
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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. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 10 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 not only the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also wineries, satellite operators or Hollywood film productions. 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.
Worldwide, AGCS operates with its own teams in 32 countries and through the Allianz Group network and partners in over 200 countries and territories, employing over 4,450 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2019, AGCS generated a total of €9.1 billion gross premium globally.
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