Major insurer adds new business line and expands board

Major insurer adds new business line and expands board | Insurance Business

Major insurer adds new business line and expands board
Allianz Global Corporate & Speciality SE (AGCS), the international industrial insurance arm of the Allianz Group, has revealed a new product line aimed at mid-sized businesses, and has added to its board of management.

ACGS announced the creation of a new line of business designed to serve mid-sized companies, focused on businesses with revenues that fall under the usual AGCS corporate client threshold of €500m annual revenues.

The mid-corporate line will provide property and liability insurance for mid-sized companies in markets where other Allianz P & C companies are not active.

In a wider restructure, AGCS announced that its chief regions and markets office, a board function which oversees a network of 28 offices and orchestrates market-facing activities, is to be split from its current two divisions into a set-up of two.

Axel Theis, CEO of AGCS, said of the restructure: “The reorganisation of our regional set up and creation of a Mid-Corporate line of business reflects AGCS’s growth, especially in the important North American Property & Casualty market, as well as the company’s increasing diversification by product and geography.”

AGCS has also appointed Carsten Scheffel to its board. He will oversee business in Australia and New Zealand, as well as the UK, Ireland, Russia, Central and Eastern Europe, the Nordic Regions, and the Middle East.  

Scheffel is currently the Regional CEO for AGCS in London having previously worked in the Americas for three years for the company which he joined in 1978.