Allianz merging large-corporate and mid-corporate insurance businessesPosted On: Mar. 10, 2023 11:51 AM CST
Allianz SE said Friday it is merging its large-corporate and mid-corporate insurance businesses into a single global commercial insurance business that will operate as Allianz Commercial.
The restructuring will combine Allianz Global Corporate & Specialty SE’s 4,250 employees with Allianz’s operating entities that serve mid-sized country-based accounts.
The legal entities of the businesses remain unchanged, and all staff will continue to be employed by their national companies, an AGCS spokesman said.
Joachim Mueller, Munich-based CEO of AGCS, will head up Allianz Commercial in an expanded role. Mr. Mueller will report to Chris Townsend, member of the Allianz board.
Allianz Commercial will initially comprise 6,000 employees, consisting of 1,750 employees from Allianz’s mid-corporate insurance business in Australia, Germany, France and the United Kingdom, and AGCS’ 4,250 employees.
Additional mid-corporate employees from other countries will be joining in coming months, the spokesman said. Allianz currently operates in 30 countries with mid-corporate business.
No job cuts are associated with the initiative, the spokesman said.
Dirk Vogler, who previously served as member of the board of Allianz Versicherungs-AG, has been named chief midcorp transformation officer and board member of AGCS. Mr. Vogler, who is also based in Munich, will report to Mr. Mueller.
The move reflects the increasing globalization of risks, Allianz said in a statement.