Allianz Group announced today that it will serve the global commercial insurance segment as one go-to-market business under the trading name Allianz Commercial, featuring an integrated approach encompassing its Allianz Global Corporate & Specialty (AGCS) business serving large corporate clients and the insurance businesses of Allianz’s operating entities serving mid-sized country-based accounts.
The new integrated approach anticipates the increasing globalization of risks, closes internal structural gaps in market reach, and extends Allianz’s product offering and delivery at the local level to meet a clear market need. Clients and distribution partners will experience a consistent underwriting approach and access harmonized insurance solutions that are globally coordinated and locally delivered with one market interface. In parallel, employees will experience broader opportunities for their professional development and career mobility.
The move is fundamental to the Allianz Group strategy to expand its leadership position in property and casualty, to grow through scalable platforms, and drive agility in execution.
“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,” said Chris Townsend, Member of the Allianz SE Board of Management.
Townsend added, “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 establishment of the Global Commercial Division in 2021 to globally steer Allianz’s 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.