Global Commercial will run its operations through three business units. Credit: Allianz.

German re/insurer Allianz has established a new Global Commercial insurance division to target the property and casualty commercial market.

The newly formed entity has been formed under Chris Townsend, a member of Allianz’s board of management.

Allianz noted that the property and casualty commercial sector represents a significant, organic growth opportunity.

The newly formed division will run its operations through three business units: Chief Underwriting Office, Business Transformation, and Global MidCorp.

Rasmus Nygård will head the Chief Underwriting Office, who will join from AIG. He will be responsible for the development of the overall underwriting strategy.

The Business Transformation unit will be headed by Jörg Hipp, who was a member of the board of management of Allianz Versicherungs-AG for the automotive division.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Life Insurance International.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Ole Ohlmeyer will lead Global MidCorp, who was previously already responsible for the regional MidCorp hubs.

Allianz said that the Global MidCorp unit will operationalise the Global Commercial strategy jointly with the regions and support them with specific capabilities for underwriting operations and portfolio management.

Allianz CEO Oliver Bäte said: “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.”

Townsend added: “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.”

Last month, Allianz wrapped up the purchase of the general insurance business of Australian banking group Westpac in a deal valued at $534m (A$725m).