October 09, 2018
Allianz Global Corporate & Specialty (AGCS) is set to restructure its Alternative Risk Transfer (ART) business, splitting it into two separate units.
From 1 November, the insurance-linked markets team will become a standalone line of business known as Capital Solutions. It will be led by ART’s current chief underwriting officer (CUO) Richard Boyd.
Meanwhile, the remaining ART practice groups - which provide corporate solutions, reinsurance, and climate solutions - will continue under the existing name of Alternative Risk Transfer, which will be led by Michael Hohmann who moves to ART from his current position as global head of liability at AGCS.
Hohmann will be succeeded by Ciara Brady, who will join AGCS on 1 January to take up the head liability role.
She moves over from Swiss Re where she most recently served as global and international head of casualty treaty, having joined the reinsurer in 2005 in Toronto and going on to hold increasingly senior roles within casualty underwriting.
In her new position at AGCS, she will be based in Zurich.
In the interim period between 1 November and 1 January, AGCS’ deputy global head of liability Alfred Henneboehl will assume responsibility for liability, working closely with the global liability leadership team to steer day-to-day operations.
Meanwhile, the reorganisation will see Paul Schiavone, current global head of ART, become head of long tail corporate lines for North America.
Hartmut Mai, AGCS board member and CUO of corporate 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,” Mai added.
In its previous ‘combined’ set-up, ART has developed into a major line of business for AGCS globally, contributing EUR 1.135bn of gross written premiums in 2017, including fronting revenues.