26 August 2014Actuarial & underwriting

Allianz targets reinsurance business in Peru

Allianz Global Corporate & Specialty Resseguros Brazil (AGCS Re Brazil) is expanding its South American business by providing reinsurance solutions in Peru.

AGCS Re Brazil will work closely with clients and local direct insurers to provide specialized underwriting expertise as a reinsurer for stand-alone risks or as part of global programs.

The initiative is part of AGCS Re Brazil’s continuing strategy to grow in core markets across South America, using its local Brazilian reinsurer licence, and backed by its A.M.Best ‘A’ (Excellent) rating and local Standard & Poor’s ‘AAA’ rating. It follows a similar approach to the Chilean and Colombian reinsurance markets announced by the company in April 2014.

Led by regional CEO, Angelo Colombo, the company says it is aiming for a 15 percent premium growth target across the region during 2014, building on its successful initial first year as a local reinsurer in Brazil, where it gained its local licence in 2013.

Using its Brazilian offices as a regional hub to support its expansion, AGCS Re Brazil will offer market-leading capacity for the most complex risks in the Peruvian market, including Aviation, Marine, Energy, Financial Lines, Engineering, Liability and Property, with technical risk engineering support provided by its Allianz Risk Consulting team.

"We see significant demand for our specialist expertise in Peru so this initiative is a logical step for AGCS globally, as we continue to build our network of services into fast developing markets", explains Art Moossmann, chief regions & markets officer and member of the Board of Management of AGCS SE.