AGCS restructures ART team as it seeks expansion
Allianz Global Corporate & Specialty (AGCS) is restructuring its alternative risk transfer (ART) line of business into two specialist teams as it seeks to grow in this space.
From November 1, the insurance-linked markets team will become a standalone line of business known as Capital Solutions, led by current ART chief underwriting officer Richard Boyd.
The remaining ART practice groups - which provide corporate solutions, reinsurance and climate solutions - will continue to operate under the existing name of Alternative Risk Transfer, led by Michael Hohmann who moves to ART from his current position as global head of liability at AGCS.
This new line of ART business bring together AGCS and ART products and services often including non-traditional covers on a multi-line, multi-year basis.
It also specialises in services such as fronting for captive insurance programmes for large corporate customers, using Allianz’s network of local companies and partners, as well as specialist reinsurance and weather insurance solutions, for example to protect businesses such as utility companies against fluctuations in weather patterns which directly affect their revenues.
“Large companies are increasingly seeking to assume more control over their risk management beyond traditional insurance products in property or liability. With our two new lines of business, we can respond to these needs by designing multi-line, multi-year, parametric or capital-market solutions to protect our clients from earnings and cash flow risks. Our new structure and leadership team will help AGCS to further evolve and grow this important segment of our business”, said Hartmut Mai, AGCS board member and chief underwriting officer corporate.
In its previous set-up, ART contributed €1.135 of gross written premiums in 2017, including fronting revenues.
Further to this, Ciara Brady has been appointed to succeed Michael Hohmann as global head of liability, effective January 1. She will be based in Zurich.
Brady has almost 20 years of experience in the insurance industry both in Canada and Switzerland. She joins AGCS from Swiss Re, where she served as head of casualty treaty - global and international.
Mai commented: “I am delighted to welcome Ciara to AGCS. She will build on the outstanding business that Michael Hohmann has already established over his nine-year tenure as our global head of liability as he now turns his skills to continuing the successful expansion of our solutions and services beyond traditional commercial insurance.”
