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 most of Allianz’s business in Canada. 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 unit will continue to be lead by Volker Albrecht, with Carsten Scheffel promoted to oversee all underwriting operations as vice president.
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, “AA-” by Standard & Poor’s and “A” by A.M. Best.
“We are excited to have completed this process, as we can now write and renew business backed by stronger ratings,” says Albrecht.