Allianz Global Corporate & Specialty moves into China, Indonesia

Allianz Global Corporate & Specialty S.E. said Wednesday it is expanding in Asia by opening offices in China and Indonesia.

The corporate insurance division of Allianz S.E. said in a statement that it has begun operations in Beijing as a division of Allianz China’s new office in the country’s capital. The Beijing division, located in China Overseas Plaza, is AGCS’s third in the country, after Guangdong and Shanghai. In Indonesia, AGCS operates as a division of Allianz Utama in Jakarta.

In both locations, AGCS said it operates as a reinsurer of the local Allianz companies, with embedded expert teams dedicated to AGCS corporate insurance business. In June, AGCS announced that it had opened an office in Seoul, South Korea.

Carsten Scheffel, AGCS board member and chief regions and markets officer for Asia, said in a statement that the Asian market contributed 5% to the company’s overall global premium volume of €7.6 billion, or about $9 billion.