Dr Richter joins from Allianz SE, where she is currently Head of Digital Regulation, responsible for developing regulatory strategy for digitalization on behalf of Allianz Group and shaping the regulatory and supervisory debate in the field of cyber. A lawyer by training, she joined Mondial Assistance (now Allianz Partners) in 2000 as General Counsel, and since that time has been Head of Distribution & Solutions Legal Europe for Allianz Global Investors and Head of Regulatory Management for Allianz SE. In her new role as Global Head of the Cyber Center of Competence, Dr Richter succeeds Emy Donovan who had left AGCS last year.
The Allianz Cyber CoC was established in 2018 and focuses on Group-wide coordination and alignment of cyber exposures and insurance in the commercial insurance segment. Recent focus areas include the development of a new underwriting approach to clarify cyber exposures (‘silent cyber’) across commercial P&C policies, product governance and harmonization through a cyber master wording and the establishment of a global service provider network for Allianz cyber policyholders.
AGCS Chief Underwriting Officer Corporate Thomas Sepp commented: ‘’Cyber is the top global business risk in the Allianz Risk Barometer 2020 and a significant opportunity for insurance, but at the same time it also requires central governance, steering and control to realize sustainable growth. I am delighted that someone of Catharina’s background and ability will now take the Cyber Center of Competence to the next stage.’’
The existing AGCS standalone cyber insurance offering remains within the Financial Lines business line with overall responsibility of Shanil Williams, Global Head of Financial Lines, supported by Marek Stanislawski as Cyber Underwriting Manager. The AGCS global Cyber team will work in full alignment and close cooperation with the Cyber CoC to further evolve Allianz Group’s cyber insurance offering which combines financial indemnification with prevention advisory and post-incident crisis management services.
AGCS launched a first standalone cyber insurance product in 2013 and has seen steady growth since then in all its key markets globally. In 2019, for the first time, AGCS exceeded the 100 million euros gross premium written with cyber insurance solutions.
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 10 dedicated lines of business.
Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses, and private individuals. Among them are not only the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also wineries, satellite operators or Hollywood film productions. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.
Worldwide, AGCS operates with its own teams in 33 countries and through the Allianz Group network and partners in over 200 countries and territories, employing over 4,300 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2019, AGCS generated a total of 9.1 billion euros gross premium globally.
The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million retail and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing 766 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.7 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2019, over 147,000 employees achieved total revenues of 142 billion euros and an operating profit of 11.9 billion euros for the group.
These assessments are, as always, subject to the disclaimer provided below.