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Allianz Global Corporate & Specialty Announces Transformation Program

Allianz Global Corporate & Specialty, the industrial insurer of Allianz Group, announced a comprehensive transformation program, "New AGCS", to regain profitability. Under the program, AGCS will strengthen its technical capabilities across its core underwriting and claims functions, streamline its organization and processes, enhance its current distribution and sales function and invest in digitalization. During 2020, AGCS will reduce the number of regional units from seven to six and will move from a country-centric to a more global set-up with regional delivery. In each of these six AGCS regional units, leadership will be consolidated under one Regional Managing Director.

Joachim Mueller, AGCS CEO, said: "We expect to see significant profitability improvements of our underwriting results from 2021 onwards and aim to achieve the full turnaround and transformation of our company by 2024."

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