Allianz SE said on Friday it is merging its large and medium-sized corporate insurance businesses into a single global commercial insurance business that will operate as Allianz Commercial.
The restructuring will combine Allianz Global Corporate & Specialty SE’s 4,250 employees with Allianz’s operational units servicing medium-sized country-based accounts.
The legal entities of the companies will remain unchanged, and all staff will continue to be employed by their national companies, an AGCS spokesman said.
Joachim Mueller, Munich-based CEO of AGCS, will lead Allianz Commercial in an expanded role. Mr. Mueller will report to Chris Townsend, member of Allianz̵
7;s board.Allianz Commercial will initially consist of 6,000 employees, comprising 1,750 employees from Allianz’s intercompany insurance operations in Australia, Germany, France and the UK, and AGCS’s 4,250 employees.
Additional medium-sized employees from other countries will join in the coming months, the spokesman said. Allianz currently operates in 30 countries with medium-sized companies.
No job cuts are associated with the initiative, the spokesman said.
Dirk Vogler, who was previously a board member of Allianz Versicherungs-AG, has been appointed chief midcorp transformation officer and board member of AGCS. Mr. Vogler, who is also based in Munich, will report to Mr. Mueller.
The move reflects the increasing globalization of risk, Allianz said in a statement.
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