Global re/insurer and asset manager, Allianz Group, has unveiled its new Global Commercial insurance division established under Chris Townsend, Member of the Allianz SE Board of Management, enabling a dedicated focus on the property and casualty (P&C) commercial space.
Allianz says that its new Global Commercial Group Center represents a significant organic growth opportunity for the firm, and combines and builds on the substantial resources and expertise within the Group.
“We are excited about the opportunities this division represents for customers and our businesses.
“Current market conditions make the timing perfect to bring a dedicated focus to our commercial P&C business,” said Oliver Bäte, Chief Executive Officer (CEO) of Allianz SE.
“These changes will improve our underwriting capabilities and customer propositions right across the commercial sector, but with a particular focus on the mid-market business outcomes, and enable profitable growth, while driving enhancements in our client service,” added Townsend, Member of the Allianz SE Board of Management responsible for Global Insurance Lines & Anglo Markets, Reinsurance, Middle East and Africa.
Allianz’ Global Commercial division is split into three business units: Chief Underwriting Office, Business Transformation, and Global MidCorp.
The Chief Underwriting Office will be led by Rasmus Nygård, who is set to join the company from AIG on September 1st, 2021. In his new role with Allianz, Nygård takes on responsibility for developing an overall underwriting strategy for the business as it looks to produce consistent and transparent offerings to clients and distribution partners around the world.
Jörg Hipp, previously member of the Board of Management of Allianz Versicherungs-AG for the Automotive division, will lead Business Transformation. He takes on responsibility for further driving a data-driven business model while improving the underwriting process.
Finally, Global MidCorp is led by Ole Ohlmeyer, previously already responsible for the regional MidCorp hubs. Allianz explains that the Global MidCorp segment will operationalise the Global Commercial strategy jointly with the regions, and also support them with specific capabilities for underwriting operations and portfolio management.