Allianz Commercial: Insurer launches new regional set-up

Allianz Global Corporate & Specialty (AGCS) has joined forces with the commercial insurance businesses of local Allianz P&C entities, trading under the name Allianz Commercial. 

The new structure will consist of 11 new regions, bringing together the current six regional units of AGCS with Allianz’s national commercial businesses. Allianz Commercial’s North America region consists of Canada, the United States and Bermuda. 

Allianz Commercial told Canadian Underwriter Tuesday the change will not affect how business is conducted in Canada.

“Our new trading name represents the ability to better harness global capabilities but does not change our structure in Canada,” the company said. “While we are already operating as a single entity in North America, the new globally integrated structure will ensure a more consistent trading approach worldwide and a broader set of solutions under the new global model.” 

Each region is led by one commercial managing director. Allianz Commercial’s North America region will be led by AGCS SE board member Tracy Ryan.  

In March, Ryan joined the board as chief regions and markets officer for North America and president and CEO of Allianz Global Risks US Insurance Company, AGCS’s primary North American carrier. She was previously at Liberty Mutual Insurance Group, where she was a board member and president of global risk solutions for North America from 2020. Ryan has served in a variety of technical and leadership roles over nearly 30 years. 

In many countries outside of North America, Allianz operated both Allianz SE and AGCS offices. Joachim Mueller will lead Allianz Commercial as part of his responsibilities as CEO of AGCS SE.  

“The new regional set-up gives us the optimum footprint in all major commercial markets worldwide,” he said in a press release. “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.” 

Allianz Commercial told CU “for the present time in Canada, our products and services provided will remain the same.” 

Allianz Commercial will serve as one go-to-market business, offering insurance solutions for mid-sized businesses, large enterprises and specialist risks. This includes global multinationals, family-owned and mid-sized enterprises, as well as unique and complex risks such as offshore wind parks, shipping or aviation fleets, and even film productions. 

Allianz said in a backgrounder that the move will provide several benefits to brokers and clients, including clarity in approach and offers to drive efficiency, time to market and execution speed. One commercial lead per region to represent the business will also simplify brokers’ and clients’ experiences, Allianz said. 

In 2022, the integrated business of Allianz Commercial generated more than €19 billion gross premium (about Cdn$27.7 billion), with presence in more than 200 countries and territories through its own teams or the Allianz Group network and partners.  

From a regulatory and licensing perspective, and to ensure local continuity, the legal names of AGCS companies and various Allianz P&C entities will remain.  

Feature image by iStock.com/Ca-ssis