Allianz Global Corporate & Specialty AG successfully adopts new legal structure of Societas Europaea
- Allianz Global Corporate & Specialty (France) has been merged into Allianz Global Corporate & Specialty AG which was simultaneously converted into AGCS SE
- AGCS will benefit from the simplification of its corporate structure and enhanced financial strength through capital optimization
PRESS RELEASE - Munich, 19 November, 2013
Allianz Global Corporate & Specialty (‘AGCS’) AG has adopted the legal form of a European Company (Societas Europaea, or ‘SE’) and merged with its subsidiary Allianz Global Corporate & Specialty (France), retroactive to January 1st, 2013. The new company is named Allianz Global Corporate & Specialty SE.
“This new set-up is a significant step forward in the development of our global strategy”, explains Axel Theis, Chief Executive Officer of AGCS. “The conversion simplifies our organizational structure, resulting in a more consistent branch network, and supports our continued financial strength through capital optimization.”
The new legal form, which was approved by the relevant regulatory authorities last August, will have no material effect on the contracts or insurance policies of AGCS’s clients. All customers will continue to benefit from the same services and unchanged contact persons at AGCS.
An important step in advance of Solvency II
The new legal structure supports AGCS’s preparations for the upcoming Solvency II regulatory requirements as far as risk adjusted capital levels and reporting are concerned. Europe’s new capital standards for insurance companies are currently scheduled to be implemented in 2016.
In 2006, AGCS’s holding company Allianz SE had been the first company in the EURO STOXX 50 Index to adopt the legal form of a Societas Europaea. “AGCS is now adopting the same legal structure with the same goals: reducing our organization’s complexity, increasing its efficiency through simplified processes and optimizing AGCS’s capital base – all of which will benefit our clients”, concludes Axel Theis.
SUPPLEMENTARY INFORMATION (Updated 15:03 CET)
AGCS SE Ratings Confirmed
A.M. Best and S&P have confirmed the ratings of Allianz Global Corporate & Specialty SE as of November 19, 2013. These ratings remain unchanged, namely AA (S&P) and A+ (A.M. Best).
Because the business of AGCS France and all its assets and liabilities were transferred to AGCS SE, the rating for AGCS France has been withdrawn.