ALLIANZ ESTABLISHES GLOBAL COMMERCIAL DIVISION

Allianz has established a new global commercial insurance division as it seeks to capitalise on opportunities in the property/casualty market. The unit, effective July 1, 2021, is led by Chris Townsend, member of the Allianz board of management responsible for global insurance lines and Anglo markets, reinsurance, Middle East and Africa. The global commercial group centre will enable a dedicated focus on the P&C commercial sector, which represents a “significant, organic growth opportunity for the group,” the German insurer said. The division will bring together the resources and expertise within Allianz to drive benefits to customers and distribution partners, with a particular focus on mid-market business, it added. Oliver Bäte, CEO of Allianz, said: “Current market conditions make the timing perfect to bring a dedicated focus to our commercial P&C business.”