Allianz has announced its intention to expand its property and casualty business in Japan. As from January 1, 2010, Allianz Fire and Marine Insurance Japan Ltd will be integrated into Allianz Global Corporate & Specialty in order to accelerate Allianz’s business with corporate and specialty clients in Japan. Allianz also intends to secure a credit rating for AZFM in 2010, building on AGCS’s existing ratings (e.g. AA with Standard & Poor’s).
Axel Theis, CEO of AGCS, said: “We are very happy to have a stronger presence in Japan in the future, by combining the existing team with the global framework of AGCS, and by establishing a rating for AZFM.” He is confident about growth opportunities in Japan: “We see considerable potential to grow our business with Japanese corporate clients: for example, through supporting them with international insurance programs, through access to our international network or with specialty coverages such as Financial Lines or Energy. Our target is to become the leading international corporate insurer in Japan in the medium term.” The move continues AGCS’s policy of developing its network of dedicated teams in core insurance markets worldwide, having already added new offices in Brazil, Mexico and Hong Kong within the last six months.
Michael Maicher, CEO of AZFM pointed out: “We will build on the existing team and well-established structure of Allianz Fire and Marine in Japan by linking up with AGCS’s global resources and expertise. This ensures continuity of local contact for our Japanese clients, with the addition of even easier access to the full range of AGCS services in more than 150 markets worldwide, including expert risk engineering and specialist claims services.”
Allianz with comprehensive presence in Japan
Allianz regards Japan, the world’s second largest economy, as an important market with considerable growth opportunities. In 1990, Allianz was the first European insurer to be granted a licence to establish a P&C subsidiary. Allianz has also become active in credit insurance (Euler Hermes), and assistance services (Mondial Assistance), and offers asset management products through RCM and PIMCO.
In 2008, Allianz Life Japan started operations and has successfully marketed various generations of life insurance products since then. As the most recent step, in August 2009, Allianz Japan Life launched a new variable annuity product which is now being marketed in cooperation with major Japanese financial institutions. Bruce Bowers, CEO of Allianz Asia Pacific, said: “We are happy to see the progress in our Japanese Life operation and that AGCS is upgrading its P&C presence in Japan. Both developments are further signs that Allianz is strengthening its position in Japan as well as across Asia.”