PARIS, July 11, 2001 (PRIMEZONE) -- The creation of Allianz Global Risks, announced on March 22, 2001, will give the Allianz Group a new international corporate risk organization.
Today, corporate risk is the responsibility of local entities wherever Allianz is present. This applies to both management and resources (reinsurance, underwriting, data processing, etc.).
Starting January 1, 2002, each entity will be supported by Allianz Global Risks, a new structure under the leadership of a collegial international team with Guy Lallour representing AGF.
The new entity will coordinate and optimize corporate risk underwriting policy and development strategy and organize external reinsurance through a global reinsurance pool. A volatile and highly international business which requires significant allocation of capital corporate risk will benefit from a defined global strategy, better coordination of local expertise and the most advantageous of reinsurance conditions, with cessions based on a globalized portfolio.
Within this framework, AGF, which holds a 22% domestic market share in corporate risk with 2000 premium income of 390 million Euros, will retain control of underwriting, risk management, claims settlement, and will retain its portfolio, which will continue to be managed by its own teams.
The new organization's objective is to significantly improve the profitability of this activity within the Allianz Group and maintain the quality of services offered to international customers by each entity, including AGF.