Posted on Sep 07, 2010 by Sergio Ulloa
Allianz Group's dedicated corporate insurance arm, Allianz Global Corporate & Specialty (AGCS), is set to open up a new branch office in Madrid, Spain.
Allianz Global Corporate & Security will be taking over the local portfolio of large-size corporate insurance customers from the local Allianz unit, Allianz Compañía de Seguros y Reaseguros, SA (Allianz Seguros). The new AGCS branch will work closely with Allianz Seguros in their efforts to write more than EUR 120 million (USD 153.7 million) in 2010.
The new branch of AGCS will be led by Agustin Martin, who will take charge of the 52 employees whom will staff the new office. Clients and brokers will be receiving full service and products across five lines of business from the new AGCS branch; including property, engineering, aviation and marine insurance, financial lines, and liability insurance.
Allianz expects the new Madrid office to benefit from Allianz Global Corporate & Strategy's AA rating from Standard & Poor's. The new office will be part of the AGCS network which spans over 150 countries via network partners and Allianz offices.
The Chief Executive Officer of Allianz Global Corporate & Security, Axel Theis, said that "Spain is an important market for AGCS, which is why we need to have a dedicated team in Madrid close to our clients. There is a lot of demand for our services here, particularly from Spanish clients with international insurance requirements who need easy access to our specialist services and worldwide network."
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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.