- Team grows with new office location in Stockholm
- Sweden branch strengthens AGCS Nordic Region network
- Targets companies with over €70 million annual turnover
PRESS RELEASE - Munich, October 1, 2013
Allianz Global Corporate & Specialty AG (AGCS) has opened its newest branch in Stockholm, Sweden, further expanding its services within the Nordic Region.
Since 2009, AGCS has been active in Sweden through a dedicated key account manager in Stockholm, supported by its Nordic Region hub based in Copenhagen. The move now to open a local branch office in Stockholm reflects the increasing demand for AGCS products in this market and the strategic importance of Sweden within the region. The branch will focus on serving companies with a turnover in excess of €70 million, typically those with multinational operations extending beyond the country. According to the Forbes Global 2000, nearly 50 percent of the largest companies in the Nordic Region are Swedish, as of May 2013.
Targeting growth in the Nordic Region
With its experience in specialized international insurance programs, AGCS sees significant opportunities in export-oriented Sweden, and regards the country as a core element of its Nordic Region strategy. The Swedish economy, which features a large precision-manufacturing and engineering industry, also sees strong contributions from the telecommunications, automotive and pharmaceutical sectors, all of which fit well with AGCS’s specialist areas of knowledge.
The Copenhagen regional AGCS hub, which services Denmark, Norway, Finland and the Baltic States in addition to Sweden, was established in 2007 and now totals 30 employees. AGCS’s presence in Sweden focuses initially on a core team of eight underwriters and market-facing staff which will be reinforced significantly through additional hiring of local expertise through 2014.
“Having a local branch in Stockholm was the clear next step in expanding our Nordic Region strategy,” says CEO of AGCS Nordic Region Stig Jensen. “Our focus right now is pulling together the right kind of local talent, because that’s what our clients need. They need people on the ground who know the market, speak the language and who can help clients address the challenges they are facing.”
As a branch of AGCS AG, the new office in Sweden will benefit from AGCS’s strong financial ratings (AA from Standard & Poor’s and A+ from A.M. Best), and will continue to work closely with the AGCS Nordic hub in Copenhagen. AGCS Sweden will initially focus on offering its Financial Lines, Liability, Marine and Property services, based directly in Sweden, with the rest of its lines (Engineering, Aviation and Energy) continuing to be offered in conjunction with its Copenhagen office, before adding these to the Swedish branch portfolio in the coming years.
The new AGCS Sweden office will be located at Regeringsgatan 54 (7th Floor), 111 56 Stockholm, Sweden.