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Allianz Global Corporate & Specialty España opens in Madrid

  • Offering corporate and specialty insurance products to Spanish clients.
  • Continues AGCS strategy of developing teams in core client markets.
  • Forecasts premiums of over 120 million euros in 2010.

PRESS RELEASE - Madrid: Sept. 1, 2010

Allianz Global Corporate & Specialty AG (AGCS), Allianz Group’s dedicated carrier for large corporate insurance customers, is opening a branch office in Madrid on September 1. AGCS is taking over the respective portfolio from Allianz’s local unit, Allianz Compañía de Seguros y Reaseguros, S.A. (Allianz Seguros).

This new AGCS branch, with a team of 52 staff led by Agustin Martin Martin, plans to write over 120 million euros in total premiums in 2010, and will work in close cooperation with Allianz Seguros. Clients and brokers will access the full range of AGCS products and services across five lines of business - Property, Liability, Engineering, Financial Lines, Marine and Aviation. The Madrid office will benefit from Allianz Global Corporate & Specialty AG's AA Standard & Poor's rating, and will form part of AGCS’s network which now covers more than 150 countries through Allianz offices and network partners.

Axel Theis, CEO of Allianz Global Corporate & Specialty comments: "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."

Allianz Global Corporate & Specialty is continuing its strategy of developing local teams in key client markets. In 2009 AGCS announced new operations in Japan, Brazil, Mexico and Hong Kong. In 2010 the company added a presence in both South Africa and Dubai.

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