Allianz Global Corporate & Specialty (AGCS) and Allianz’s other commercial insurance businesses in Australia, France, Germany and the UK are to unite under the Allianz Commercial brand.
In a media statement, released on 25 July, the company said AGCS and the commercial insurance businesses of local Allianz Property & Casualty (P&C) entities will now trade under the brand.
Together, the newly unified entity will offer insurance solutions to mid-sized businesses, large enterprises and for specialist risks.
“Our commercial businesses have been united in one global model,” said Chris Townsend, a member of the Allianz SE management board.
“With Allianz Commercial, we can service a fuller, more dynamic range of customers under our new unifying name – this gives us an immense competitive advantage and a compelling customer value proposition across the commercial insurance market, rooted in simplicity and consistency.”
Allianz Commercial is moving to a new corporate structure with 11 new regions, bringing together the current six regional units of AGCS with Allianz’s national commercial businesses.
Each region will be led by one commercial managing director. The regions have been designed to reflect market characteristics, broker and distribution practices, and geographic proximity.
Allianz Commercial CEO Joachim Mueller added: “The new regional set-up gives us the optimum footprint in all major commercial markets worldwide.
“We will be able to play the full market in one consistent approach with advanced product solutions, which are grounded in global industry and underwriting expertise and delivered with local market knowledge.”