Leadership appointment in Allianz’s specialist Capital Solutions unit

Grant Maxwell, Global Head of Alternative Risk Transfer, comments: “Richard and David have worked together for many years, and so while we’re sorry to see Richard move on to take his next career steps outside Bermuda, David is ideally positioned to take over from him, and to continue to build this important part of our business. I want to thank Richard for his great contribution to AGCS and we all wish him well in the future.”

Capital Solutions focuses on the Insurance Linked Securities (ILS) market. The team specializes in structuring insurance risks into a form acceptable to capital market investors: for example, transferring catastrophe risk from insurance carriers like AGCS to capital markets investors through partnering with specialist fund managers.

The Capital Solutions team forms part of AGCS’s successful Alternative Risk Transfer business, which is led by Grant Maxwell, based in London, with teams in New York, Bermuda, London, Lichtenstein, Zurich, and Singapore. This unit specializes in creating non-traditional solutions for business risk transfer, which complement AGCS’ established range of mainstream corporate insurance products. This part of AGCS’ business has seen increasing demand from clients in recent years, with premiums growing by nearly 20% per annum between 2016 and 2020, as interest in custom-made solutions for specific risk challenges has grown.

Typical scenarios where Alternative Risk Transfer can respond most effectively are where traditional Property & Casualty products cannot meet all or part of the client’s needs. They include customized long-term agreements, such as multi-year and multi-line arrangements, and often incorporate solutions from companies across the Allianz Group. Examples range from tailor-made multi-risk coverages and bespoke reinsurance to parametric weather risk insurance, as well as captive insurance solutions for large corporate clients who consolidate their risks into a self-insured captive structure.

In 2020, the Alternative Risk Transfer segment generated nearly 4% of AGCS’ global ‘gross net’ premiums of €6.2 billion (i.e. net of facultative reinsurance and fronting premium). On a gross premium basis, including fronting and reinsurance, this segment generates over 20% of AGCS’ total 2020 revenues of €9.3 billion. 

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 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 31 countries and through the Allianz Group network and partners in over 200 countries and territories, employing around 4,400 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2020, AGCS generated a total of €9.3 billion gross premium globally.