Allianz Global Corporate & Specialty (AGCS), the specialist corporate re/insurer of Allianz Group, has announced that it plans to restructure its existing Alternative Risk Transfer (ART) line of business into two specialist teams.
From November 1, the Insurance-Linked Markets team will become a standalone line of business known as Capital Solutions, to be led by current ART Chief Underwriting Officer Richard Boyd.
Meanwhile, the remaining ART practice groups providing Corporate Solutions, Reinsurance, and Climate Solutions will continue 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.
The company also announced that Hohmann will be succeeded as Global Head of Liability by Ciara Brady, who joins AGCS from Swiss Re, where she currently serves as Head Casualty Treaty Global and International for Swiss Re.
“Large companies are increasingly seeking to assume more control over their risk management beyond traditional insurance products in property or liability,” said Hartmut Mai, AGCS Board Member and Chief Underwriting Officer Corporate.
“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.”
AGCS said the new ART line of business will bring together AGCS and ART services within a bespoke solution, often including non-traditional covers on a multi-line, multi-year basis, and will specialise in services such as fronting for captive (self-insurance) programs for large corporate customers.
It will be targeted at large multinational businesses looking for customised solutions to more complex emerging risks, as well as investors and insurers looking for insurance-linked securities products.
As a global insurer with a diverse portfolio, AGCS said that it is well placed to source insurance risks, such as earthquakes and hurricanes, that can then be structured by the Capital Solutions team into a form that is acceptable to capital market investors.
Mai also commented on the appointment of Brady as Global Head of Liability, saying: “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.”
Brady has 20 years’ experience in the re/insurance industry, both in Canada and Switzerland. She joined Swiss Re in 2005 in Toronto and has since taken on increasingly senior roles in casualty underwriting.
In her new role, which she will take up from January 1, 2019, Brady will be based in Zurich, but will travel frequently to key AGCS global locations for the Liability business.
In the interim phase between November 1 and January 1, Deputy Global Head of Liability Alfred Henneboehl will assume responsibility for Liability, working closely with the global Liability leadership team to manage day-to-day operations.
AGCS added that Paul Schiavone, current Global Head of ART, will shift his focus to his existing regional responsibility as North America Head of Long Tail Corporate Lines.
