Allianz creates new mid-corporate line of business

Allianz Global Corporate & Specialty (AGCS) has created a new line of business to provide services to mid-size companies.

The new mid-corporate will concentrate on businesses with revenues that fall under the normal AGCS corporate client threshold of €500m annual revenues.

According to AGCS, the new mid-corporate will offer property and liability insurance solutions for mid-sized businesses with revenues above €100m in markets, where the firm’s businesses are not active.

AGCS North America current CEO Hugh Burgess will be the head of new mid-corporate line of business.

AGCS CEO Axel Theis said: "The reorganization of our regional set up and creation of a Mid-Corporate line of business reflects AGCS’s growth, especially in the important North American Property & Casualty market, as well as the company’s increasing diversification by product and by geography."

AGCS will integrate its existing package and multiline product into the new mid-corporate line of business.

The company also expanded its board of management with new regional responsibilities, and will be effective from January 2015.