AGCS LAUNCHES TRANSFORMATION PROGRAMME

Allianz Global Corporate & Specialty (AGCS), the industrial and specialty arm of Allianz Group, has launched a transformation program as it seeks to“regain market leadership and rebuild profitability”. The programme will see AGCS reduce the number of regional units from seven to six and move from a country-centric to a more global set-up. The insurer said it will continue to focus on specialist property and casualty insurance solutions, targeting complex risks for large multinational corporates. It also committed to its aviation, marine and entertainment business. AGCS will also continue to write mid-size commercial business in the US where it has re-positioned its portfolio and where the market is hardening. AGCS said it will invest in technical capabilities and skills, with over 30 new additional roles identified.