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Allianz Global Corporate & Specialty SE, part of Germany’s Allianz Group, plans a multiyear restructuring aimed at streamlining the company, the insurer said in a statement Wednesday.
The move is expected to yield some €200 million ($225.19 million) in savings. “AGCS expects the transformation program to generate savings of EUR 200 million by 2024 through a leaner organization and more efficient processes,” a spokeswoman confirmed in an email.
The company hinted it could further curtail underwriting. “We have already significantly reduced our exposures in our portfolio and will continue to apply corrective actions and adjustments where needed,” Joachim Mueller, AGCS CEO, said in the statement.
There will be a regional reorganization and focus on large corporate risks, although the insurer emphasized it “will also continue to serve mid-size companies in the United States in particular through its MidCorp Line of Business which generated EUR 965 million in gross net written premium in 2019.”
AGCS will continue to focus on specialist property and casualty insurance in specialty segments including aviation, marine and entertainment, the statement said.
The insurer will cut regional units from seven to six during 2020, with North America, Asia Pacific, Central and Eastern Europe, Regional Unit London, including Nordics, remaining while the new Mediterranean and Africa region will consist of France, Benelux, Italy and Africa, bringing the whole of Africa under one unit, the insurer said.
Spain, Portugal and South America will be merged into the new Ibero/LatAm regional unit, “reflecting market links across these countries,” the insurer said.
Each of the six AGCS regional units will have regional managing director, and regional leadership will change for some regions, the statement said.
Subject to regulatory approval, Nuno Antunes will join AGCS from American International Group Inc. to lead the Ibero/LatAm region. Alfredo Alonso will join AGCS from Argo Global and be responsible for the Regional Unit London.
Corinne Cipière, now country CEO for France, will be the new regional managing director for the Mediterranean and Africa region.
Mark Mitchell will continue to lead Asia Pacific, Hans-Joerg Mauthe will remain in Central and Eastern Europe and Bill Scaldaferri in North America.
“While Europe and North America will remain key strategic markets, AGCS plans to selectively develop its business in other regions, notably in Asia,” the statement said.
There will be two chief regions and market officers on the AGCS Board of Management: Mr. Scaldaferri for North America and Henning Haagen for all other remaining AGCS regions and markets globally, the statement said.
The insurer will also set up a dedicated global distribution function with about 35 employees led by Patrick Thiels, now regional CEO for the Mediterranean region.
Nigel Leppitt has been appointed to global head of multinational to run the global insurance program offering for multinational companies and further expand digital customer services in this area. Previously, he was AGCS’s chief transformation officer.
Guy Money will join from Axa Group to lead global product management, which will focus on product harmonization and simplification globally based on one core global product range.
Erika Cubova will move from her current role as global head of claims portfolio intelligence and coordination to lead global process management, responsible for end-to-end process improvement to drive efficiency and customer service delivery through one globally coordinated approach.
The insurer said it “will significantly invest in expanding technical capabilities and skills in its core insurance business to ensure long-term sustainable underwriting performance. This includes strengthening capabilities and tools in pricing, portfolio management, loss trend analysis, volatility management and actuarial modeling, with over 30 new additional roles identified.”
AGCS also intends to prioritize its digital transformation.
“Expanding the use of data analytics and digital technologies for both our core business and for our customers will be crucial to deliver the new AGCS ambition,” Mr. Mueller said.
Allianz Global Corporate & Specialty SE said Monday it has named Peter Kiernan head of North American reinsurance in its risk transfer division.