Allianz quits US and Asia covers

Allianz Global Corporate and Specialty SE (AGCS) is pulling out of marine hull and liability business in North America and Asia in its marine line of business to improve profitability. The move will result in a reduction in GWP at AGCS’s global marine portfolio of about US$50 million, an AGCS spokeswoman said. AGCS will concentrate its marine hull and liability activities around underwriting centres in London, Paris and Hamburg, which will write domestic and international business. The changes are effective immediately for new business and from 1 February 2020 for renewal business.