As environmental risks continue to grow around the world, Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty® (AGCS), announced today that it is expanding its global Environmental Impairment Liability (EIL) team with new senior hires in the North American and Mediterranean regions.
“Environmental claims pose an immense financial and reputational risk for companies today and we will continue investing in the best people and resources to best serve our customers,” stated Arthur Lu, head of global EIL for AGCS. “AGCS is fully committed to growth in this segment as demonstrated by the establishment of this experienced team and our expanded product offering.”
Allianz has been providing EIL insurance for more than two decades in Europe and grew in 2014 to cover the rest of world, including markets in North America, Asia and Sub-Saharan Africa.
“AGCS’ strength in the Liability market enables us to help our customers address some of the most complex risks such as EIL,” stated Michael Hohmann, global head of Liability. “Top industry talent joining our established multinational team will help us to capture global growth opportunities in the EIL segment.”
In North America, Ken Baker joins as a dedicated claims specialist working in New York. Baker brings nearly a decade of technical claims experience while at AIG and before this he was with the Excess Casualty Global Broking unit at Marsh USA. Additionally, Nicole Baker and Steve Tagert join as executive underwriters; Baker will be based in Houston and Tagert in Philadelphia. Tagert has more than 18 years of insurance experience and before joining AGCS he held senior roles in underwriting and both product line and general management with AIG and XL Catlin. Baker brings almost a decade of EIL insurance experience also from AIG, and prior to starting her insurance career she held senior positions with Allied Waste Industries, Inc. and Waste Management, Inc.
In the Mediterranean, Dámaso Alvarez Peña joins as Head of EIL, Mediterranean region, and will be based in Madrid. Alvarez comes to AGCS from Chubb, where he was the regional environmental risk manager with responsibility over Iberia and Eastern Europe. Prior to this, Alvarez held positions in the private sector with a focus on business development and the environment.
As a result of progressive legislative change, regulatory enforcement and increased corporate globalization, the need for commercial environmental insurance has increased, particularly in the mature markets of the U.S. and Europe.
“Fines or penalties are ways in which local regulators are attempting to maintain or improve local standards, as well as build awareness,” Lu explains.
Environmental risk and regulatory change does not stop at country borders, as more multinational companies are facing new challenges while expanding into broader territories. Emerging regions such as Eastern Europe, Asia, South America, the Middle East and Africa have been witnessing a growing trend in EIL requirements, especially in countries where EIL cover is mandatory.
“We have definitely seen an increase in demand for global cover,” added Lu. “Particularly in mature markets where risks managers want to purchase worldwide policies, including local policies in non-admitted countries.”
To meet this demand and to ensure consistency, AGCS offers standalone global pollution programs for multinational companies. Such programs incorporate an aligned approach on the master and local policies, offering a broad scope of insurance such as sudden and gradual pollution, first and third party clean-up costs for owned premises and off-site risk, transportation and first party business interruption.
AGCS provides EIL solutions for fixed site operations and contractors pollution liability in the corporate space, with limits up to $50 million. Key industry sectors include manufacturing, construction, energy and real estate.