Allianz Global Corporate & Specialty (AGCS), Allianz Group’s dedicated carrier for large corporate insurance customers, has expanded its network by opening a new branch in Madrid, Spain.

AGCS will be taking over the respective portfolio from its local unit Allianz Compania de Seguros y Reaseguros (Allianz Seguros).

AGCS plans to write over €120m in total premiums in 2010, and will work in close cooperation with Allianz Seguros.

Agustin Martin Martin will lead the new office with a team of 52 employees.

AGCS is set to offer a full range of products and services to clients and brokers across five lines of business that include property, liability, engineering, financial lines, marine and aviation.

AGSC CEO Axel Theis said that Spain is an important market for AGCS, which is why the company needs to have a dedicated team in Madrid close to clients. There is a lot of demand for the company’s services here, particularly from Spanish clients with international insurance requirements who need easy access to specialist services and worldwide network.