Allianz Global Corporate & Specialty (AGCS), the specialist corporate reinsurer and insurer of Allianz Group, has decided to split its alternative risk transfer (ART) line of business into two units.

The reshaping of the unit, according to AGCS, reflects the importance of utilising non-traditional insurance solutions for global businesses.

Changes incoming at AGCS

Effective November 2018, AGCS’ insurance-linked markets team will operate as a separate line of business under the brand.

ART chief underwriting officer Richard Boyd will lead the business.

The remaining ART practice groups will continue to operate under the existing name of Alternative Risk Transfer. It will offer corporate solutions, reinsurance and climate solutions.

This unit will be managed by Michael Hohmann. He will move to ART from his existing role of global head of liability at AGCS.

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AGCS board member and chief underwriting officer corporate Hartmut Mai said: “Large companies are increasingly seeking to assume more control over their risk management beyond traditional insurance products in property or liability.

“With our two new lines of business, we can respond to these needs by designing multi-line, multi-year, parametric or capital-market solutions to protect our clients from earnings and cash flow risks.

“Our new structure and leadership team will help AGCS to further evolve and grow this important segment of our business.”

In the combined structure, the ART unit reported around €1.13bn in gross written premiums (GWP) last year.

Also, the insurer said that the customised approach of the new ART structure brings together AGCS and ART products and services within a bespoke solution.

Additionally, AGCS has named Ciara Brady as global head of liability, effective January next year. Moreover, Brady will replace Michael Hohmann.

Prior to joining AGCS, Brady was head of casualty treaty global and international at Swiss Re.