Posted on Jun 25, 2010 by Sergio Ulloa
Allianz will reorganize their Hong Kong and Singapore based companies to come under the management structure of Allianz Global Corporate and Specialty
(AGCS) as of August 1st
, 2010, which allows them to share resources and expertise in order to increase profitability in the Hong Kong and Singaporean markets.
Both Allianz Insurance Company of Singapore
(AICS) and Allianz Insurance Hong Kong Limited
(AZHK) have developed strong presences in their respective markets; their local knowledge and relationships with sizable numbers of international clients have created considerable corporate and specialty portfolios. Allianz announced it will apply for credit ratings for both Allianz Insurance Hong Kong Limited and Allianz Insurance Company of Singapore.
Allianz intends to combine AICS and AZHK's local capabilities with Allianz Global Corporate and Specialty's expertise in processes and underwriting on a global scale to expand profitability in the Asian markets, while opening up access to AGCS's full range of services and worldwide network. Allianz Global Corporate and Specialty's services include risk consulting and claims processing as well as specialist products such as Directors and Officers Liability Insurance (D&O insurance) and International Insurance Programs.
The CEO of Allianz Global Corporate and Specialty, Axel Theis said "Hong Kong and Singapore are core markets for our clients in Asia, and we want to grow strong expertise here as part of our global network. This follows the strategy we've successfully developed in other locations such as Japan and Brazil - supporting our clients by combining local service delivery with global expertise and resources."
Bruce Bowers, the CEO of Allianz Asia Pacific, also commented that "This strengthening of Allianz's expertise in Asia underlines our commitments to our clients in these important markets. Across 15 countries in the Asia Pacific region, we are continuing to offer innovative products and solutions to serve the needs of our customers. This applies not only in corporate and specialty insurance but right across our portfolio throughout the whole of Asia - including private and commercial property and casualty insurance, life and health insurance, and asset management."
Insurance Company Mentioned:
Allianz Group is one of the leading global services providers in insurance and asset management. With approximately 153,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On the insurance side, Allianz is the market leader in the German market and has a strong international presence.