Allianz Insurance Company has launched a new business unit to provide directors and officers liability insurance.
Allianz has consolidated operations and underwriting authority in its Chicago and New York offices to ensure responsiveness and speed decision-making.
“We see a tremendous opportunity to provide D&O coverage to larger public companies using an innovative yet disciplined approach. Unlike typical D&O underwriting operations, brokers and clients will work directly with our very senior D&O leaders who are able to deliver quick, yet thorough decision-making,” Donald Bailey, Allianz Global Risks U.S.’s senior vice-president of the specialty products group, said.
“The entry of Allianz into the D&O market comes at a most opportune time,” David Nikolai, managing director of Marsh USA’s FINPRO division, commented. “Clearly, personal liability exposure for directors of public companies is greater than ever in light of corporate scandals and recently enacted legislation. In addition, the D&O market is in turmoil as insurers’ capacity is contracting as a result of serious operating losses over the past few years. Allianz’s financial strength and global reach make its D&O product immensely attractive to our clients.”
In another break from industry practice, Allianz has recruited four vice-presidents with deep industry experience to lead its D&O underwriting and work closely with brokers and clients instead of appointing a single senior executive. The underwriting leaders are:
Michele Centeno, who was regional vice-president and managing director of the St. Paul Insurance Company where she managed a staff of 60 in the New England states with premium volume of $227 million;
Brian Gauen, formerly vice-president and Mid-Atlantic Zone Executive Protection Practice Leader for Chubb & Son Inc., where he was responsible for 22 underwriting employees in seven branch offices with premium volume exceeding $90 million;
Brian Houghlin, previously a director of Aon’s Financial Services Group where he managed the Chicago branch with 14 brokers and premium volume exceeding $250 million;
Allianz’s new vice-president of professional liability lines, Donald Glazier, was previously a senior vice-president at Monitor Liability Lines Inc., where he directed a staff of 12 in connection with a $130 million nationwide book of professional liability business, including $65 million of D&O.