AGCS announces board realignment

Allianz Global Corporate and Specialty SE (AGCS) has announced a realignment of its board of management, with focus on responsibilities for regions and markets as well as underwriting and claims functions.

In its first change, the chief regions and markets officers (CRMO) positions will be reduced from three to two, effective from 1 July. 

Henning Haagen, the current chief underwriting officer specialty, will assume responsibility for all AGCS regional units outside of North America as a CRMO, responsible for Africa, Asia Pacific, Central and Eastern Europe, Mediterranean region, London and South America. 

The second CRMO, Bill Scaldaferri, will continue to head the North America regional group. Each CRMO will be responsible for approximately half of AGCS’ business in terms of gross premium income of 9.1bn (£8.2bjn) in 2019.

The two current AGCS CRMOs, Sinéad Browne and Hartmut Mai, will resign from the AGCS SE Board of Management with effect from June 30. 

Their responsibilities will be merged into one single Regional Group 1 under Henning Haagen, who will also oversee global broker management.

In addition, there will be further board appointments for underwriting and claims. Dr. Renate Strasser will now assume the role of chief underwriting officer specialty, subject to regulatory approval. 

She joins from the New Reinsurance Company (NewRe), a subsidiary of Munich Re, where she is currently CEO. 

Henning Haagen will retain his existing responsibility for Specialty lines of business (Aviation, Marine, Entertainment, MidCorp) on an interim basis until Strasser starts at AGCS on a date which will be confirmed later.

The current chief underwriting officer corporate, Dr. Thomas Sepp, will assume a re-established role as AGCS chief claims officer. He will be succeeded by Tony Buckle, who joins from Axa XL, with effect from July 1. Buckle will oversee AGCS’ corporate lines of business. 

Joachim Mueller, AGCS CEO, said: “Sinéad and Hartmut have been long-standing members of the AGCS SE board of management in various roles over many years. 

“I would like to thank them for their extensive list of contributions and achievements. With the consolidation of regional leadership at board level, we aim to strengthen our global approach at AGCS and to simplify our organisation.” 

He added: “Renate’s strong technical and quantitative background combined with her broad experience across the Property & Casualty industry is exactly the skill set we need. Tony has a strong track record of re-positioning portfolios for performance, as well as extensive experience in underwriting and portfolio management. 

“We have already come a long way in our underwriting turnaround and now the two new board members will further help in steering our portfolios to sustainable profitability.”

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