Allianz Global Corporate & Specialty SE (AGCS), Allianz Group’s specialist carrier for corporate insurance business, is expanding its alternative risk transfer (ART) line of business to the Asia Pacific region.
Richard Green has been appointed to lead the new unit as Regional Head of ART, Asia Pacific, with effect from 15 October.
Green has over 20 years of experience in alternative risk transfer and related fields. Based in Asia since 2005, he was most recently the Regional Head of ART and Cyber Insurance for a global broker.
ART creates tailored re/insurance and other non-traditional risk management solutions for corporate, insurance and investment clients worldwide.
It aims to fill an exposure gap that arises when traditional re/insurance is inadequate in dealing with unusual, emerging or complex risks.
Using both re/insurance and financial market techniques, ART provides solutions that are specifically designed to meet the requirements of an individual client and take a holistic view of their risk exposure across various lines of business.
The company says it has seen an increase in demand for alternative risk transfer solutions in the region as large companies seek to assume more control over their risk management and transfer.
“Alternative risk transfer is not a new concept to the region and we have had success with ART solutions here in the past. However, such business within Asia Pacific has traditionally required bringing in the expertise of colleagues from other regions,” said Mark Mitchell, Regional Chief Executive Officer, Asia Pacific.
“In light of the increasing awareness and demand for the value of ART solutions regionally, I believe the time is right to build a dedicated team around Richard Green to drive business and improve on our value proposition to clients.”
AGCS recently announced that reorganisation of the ART line of business into two separate teams.
As per the restructure, from 1 November, 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.