Allianz Global Risks Receives Provincial Licenses

Allianz Global Risks Canada has received its provincial licenses, following on reception of its federal license last fall.

AGR Canada had been part of Allianz Insurance Co. of Canada, prior to ING Canada’s acquisition of Allianz Insurance and Trafalgar Insurance Co. of Canada late last year. AGR Canada was not part of the transaction and now operates as a branch of Allianz Global Risks US Insurance Co.

“While the structure of the organization has changed, Allianz Global Risks Canada will be a self-run, self-contained Canadian operation managed by the same leadership,” notes a company press release.

The company will offer commercial lines property, engineering/builders risk, casualty and auto, and will continue to manage commercial aviation on behalf of ING Canada.

AGR Canada will share the rating of its AGR US parent, “AA-” by Standard & Poor’s and “A” by A.M. Best.