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Allianz Global Corporate & Specialty SE is pulling out of marine hull and liability business in North America and Asia to “improve profitability” in its marine line of business, the Allianz SE unit announced Wednesday.
The move will lead to a reduction in the unit’s global marine portfolio of about $50 million in gross written premium, an AGCS spokeswoman said in an email.
Going forward, the insurer will concentrate its marine hull and liability activities around underwriting centers in London, Paris and Hamburg, Germany, which will write domestic and international business, the AGCS statement said.
The changes are effective immediately for new business and from Feb. 1, 2020, for renewal business, the statement said.
Despite a record decline in shipping losses in 2018 to the lowest level this century, the industry faces increased risks from a changing climate and a range of environmental issues, according to a report by Allianz Global Corporate & Specialty SE released on Tuesday.