Allianz Group said that it will further develop its property and casualty business in Asia through its Singapore and Hong Kong subsidiaries: Allianz Insurance Company of Singapore (AICS) and Allianz Insurance Hong Kong Limited (AZHK).

According to Allianz, from August 1, 2010, both the subsidiaries will be managed as part of Allianz Global Corporate and Specialty (AGCS), combining their joint resources in a drive to expand profitably in these markets. AGCS plans to apply for credit ratings for both companies.

Allianz will now combine AGCS’s global underwriting and process expertise with their local market knowledge and relationships, and also give clients access to AGCS’s network and full range of services from risk consulting and claims to specialist products including international insurance programs and D&O insurance.

Bruce Bowers, CEO of Allianz Asia Pacific, said: “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.”