- New Dubai branch offers full range of corporate and specialty insurance products
- Operates as facultative reinsurer across the Middle East and North Africa
- Continues strategy of developing teams in core client markets
PRESS RELEASE - London/Dubai: 11 January 2010.
Allianz Global Corporate & Specialty (AGCS), the industrial insurance brand of the Allianz Group, is targeting business opportunities in the Middle East and North Africa (MENA) region through a new operation in Dubai, from January 1, 2010. The company will be represented in this region by a new Branch of its wholly-owned subsidiary, Allianz Risk Transfer AG. This Branch will be led by Sanjeev Badyal, with a total staff of 17 employees, and will form part of AGCS's Asia Pacific & MENA region, which is under the overall leadership of Lutz Fullgraf, based in Singapore.
With the opening of this Dubai Branch, Allianz will be able to offer its MENA clients and brokers access to the full range of AGCS products as a facultative reinsurer, including Property, Engineering, Marine and Casualty, as well as specialist services such as Energy, Aviation, and Financial Lines. The Dubai Branch will benefit from Allianz Risk Transfer 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.
"We've set up this Branch of Allianz Risk Transfer AG as the best way to service our MENA clients by offering them local access to AGCS's global products and best in class service, supported by our worldwide network," said AGCS CEO Axel Theis.
Allianz has been active in the MENA region for more than 30 years, and this move is a continuation of AGCS’s strategy of developing local teams in core client markets to focus on major corporate and specialist risks, having announced new operations in Japan, Brazil, Mexico and Hong Kong within the last 6 months. This new Branch of Allianz Risk Transfer AG has been licensed by the Dubai Financial Services Authority and will carry out operations in the Dubai International Financial Centre (DIFC) as from January 1, 2010. It will effectively take over Allianz's facultative reinsurance operations in the DIFC which were previously carried out by Allianz SE Reinsurance Branch Dubai (Allianz Re Dubai). To ensure continuity of business, the team associated with facultative operations from Allianz Re Dubai will now move to Allianz Risk Transfer AG's Dubai Branch.