Allianz Group has announced plans to combine its large corporate client business, AGCS, with its division serving mid-sized country-based accounts.
The combined, global commercial insurance segment will trade as Allianz Commercial, and is part of the firm’s strategic plan to integrate its approach to tackling increasingly globalised risks; close internal structural gaps in market reach; and extend its product offering and delivery at the local level with a consistent underwriting approach.
Allianz Commercial will be driven by one single commercial lead in each country or region. Teams currently focused on trading, underwriting and customer delivery will work closely together under the new integrated operating model. The legal entities conducting the insurance business and their leadership will remain the same.
Joachim Mueller (pictured) will lead Allianz Commercial as part of his responsibilities as CEO of AGCS SE, reporting to Townsend. Dirk Vogler, previously member of the board of management of Allianz Versicherungs-AG, has been appointed as chief midcorp transformation officer, reporting to Mueller.
“Allianz Commercial is the result of market feedback encouraging us to combine the best of AGCS with the best of local Allianz businesses to serve more clients around the world,” Mueller said. “The result will be simplicity, clarity and consistency for our customers, where we serve them with a wider range of products – from Allianz Multinational to climate solutions – in a seamless approach that preserves the trusted relationships and local know-how they value.”