Allianz makes changes to global commercial operations

Allianz says it will operate its mid and large corporate insurance businesses under one strategy and market approach in a move to deliver more clarity and consistency for customers around the world.

The Allianz Commercial trading name will encompass the Allianz Global Corporate & Specialty (AGCS) business serving large corporate clients and the businesses of operating entities serving mid-sized country-based accounts.

“Allianz Commercial allows us to deliver the full value of Allianz’s scale and full set of capabilities for the benefit of our customers, brokers and shareholders,” Allianz SE Board of Management Member Chris Townsend said.

“The introduction of Allianz Commercial is a powerful and natural continuation of our existing multi-year strategy to scale and globalize the commercial segment.”

The company says the establishment of the Global Commercial Division in 2021 to steer mid-corporate business in conjunction with Allianz’s local operating entities, along with the ongoing improvement of the performance of AGCS, have laid the groundwork for the new model.

Joachim Mueller will lead Allianz Commercial as part of his responsibilities as AGCS CEO, reporting to Mr Townsend.

Dirk Vogler, previously Member of the Board of Management of Allianz Versicherungs-AG, has been appointed as Chief MidCorp Transformation Officer, reporting to Mr Mueller.

“Allianz Commercial is the result of market feedback encouraging us to combine the best of AGCS with the best of local Allianz businesses to serve more clients around the world,” Mr Mueller said.

“The result will be simplicity, clarity and consistency for our customers, where we serve them with a wider range of products – from Allianz Multinational to climate solutions – in a seamless approach that preserves the trusted relationships and local know-how they value.”

Allianz Commercial will feature one single commercial lead in each country or region to represent the businesses, simplifying the experience of clients and distribution partners.

Teams currently focused on trading, underwriting, and customer delivery will work closely together under the integrated operating model. The legal entities conducting the insurance business and their leadership will remain the same.