Allianz’s industrial specialist targets Asian expansion from new Singapore office
- New office location for better accessibility to customers
- Committed to sustainable growth in the Asia region
- Demand for international insurance coverage growing in Asia
PRESS RELEASE - Singapore, November 5, 2013
Allianz Global Corporate and Specialty AG (‘AGCS’), the specialist insurer of the Allianz Group for industrial and corporate clients, has confirmed its growth strategy in Asia as it moves in to new larger offices this week at Asia Square Tower 2 in the heart of Singapore’s financial district. In this new location, AGCS's Singapore Branch will be working alongside 10 other Allianz companies including Allianz Global Investors, Euler Hermes and Allianz Global Assistance, all of which are now located under one roof in this building.
AGCS’s activities in Asia have grown rapidly in recent years. Starting in Singapore in 2003 as Allianz Global Risks with a team of five employees, and operating in a small suite on the third floor of Centennial Tower, Allianz’s corporate insurance arm became AGCS in 2006. Since then, the team in Singapore has expanded to 135 staff of 17 nationalities – a truly diverse group reflecting the international focus of its business.
Now, AGCS’s Singapore office is the regional hub for the company’s Asian activities, coordinating a network of specialist teams in Japan, Hong Kong, China and India, alongside other Allianz companies and partner insurers as part of a global network across 160 countries worldwide – including all the major Asian and Pacific economies.
Leveraging on global expertise
Since 2006, AGCS revenues from the Asian region have more than trebled, increasing by 374% to nearly €200mn (gross premiums) in 2012. The company has seen growing demand for its specialist services, particularly in areas such as global insurance programs where it supports Asian companies expanding overseas and requiring coverage for operations in multiple territories.
Alexander Ankel, AGCS’s Regional CEO for Asia, explains: “AGCS Asia is in expansion mode and is aiming for sustainable growth in the region. Our combination of technical expertise, international capabilities and financial security is attractive to many Asian businesses as they look to grow beyond their home markets. In particular, we are seeing increasing interest from Indian and Chinese clients through the local teams working within Allianz China and Bajaj Allianz.”
Mr. Ankel adds that it was a strategic decision for the new AGCS offices to be located squarely in the center of Singapore’s business district: “We’re committed to the Asian region and to Singapore which is a great city to do business in. AGCS is here to provide solutions to meet our customers’ needs and we want to be easy to work with. Being situated in Asia Square Tower 2 gives us the advantage of being closer to our partners and customers and in turn being more accessible for them as well. Our strategy is to continue to grow sustainably from this regional center, providing our clients with the right solutions wherever they’re doing business, in Asia or worldwide.”