Allianz Global Corporate & Specialty (AGCS) has announced that it is reorganising its Alternative Risk Transfer (ART) line of business into two specialist teams. Effective November 01, the AGCS insurance-linked market team will become a standalone line of business known as Capital Solutions. It will be led by Richard Boyd, currently ART’s chief underwriting officer. The remaining ART practice groups – corporate solutions, reinsurance, and climate solutions – will continue under the existing Alternative Risk Transfer name. They will be led by Michael Homann, who is currently global head of liability at AGCS.
“Large companies are increasingly seeking to assume more control over their risk management beyond traditional insurance products in property or liability,” said Harmut Mai, AGCS board member and chief underwriting officer for corporate. “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 develop and grow this important segment of our business.”
The new ART business brings together AGCS and ART products and services including non-traditional covers on a multi-line, multi-year basis.
The new Capital Solutions unit will cater to growing demand from investors and insurers for products which bring together insurance and capital markets. These products, called insurance-linked securities, can help capital-market investors access insurance risks to diversify their portfolios.