Allianz reorganizes alternative risk transfer business

Allianz Global Corporate & Specialty SE on Tuesday said it will split its alternative risk transfer line of business into two units effective Nov. 1.

With the change, AGCS’ insurance-linked markets team will become a stand-alone line of business known as Capital Solutions, led by current ART Chief Underwriting Officer Richard Boyd, the specialty unit of Munich-based Allianz SE said in a statement announcing the reorganization.

The remaining ART practice groups providing corporate solutions, reinsurance and climate solutions will continue under the existing name of Alternative Risk Transfer, led by Michael Hohmann, who moves to ART from his current position as 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 Hartmut Mai, AGCS board member and chief underwriting officer corporate, in the statement.  “With our two new lines of business, we can respond to these needs by designing multiline, multiyear, parametric or capital-market solutions to protect our clients from earnings and cash flow risks.”