Allianz Global Risks Canada, formerly a division of Allianz Insurance Company of Canada, announced that it has received provincial regulatory approvals to operate as a licensed branch of Allianz Global Risks US Insurance Company.
“The provincial licenses, coupled with the federal approval granted in October, finalize the process of Allianz Global Risks Canada becoming a branch of its U.S. counterpart,” said the bulletin.
It also noted that “while the structure of the organization has changed, Allianz Global Risks Canada will be a self-run, self-contained Canadian operation managed by the same leadership. Carsten Scheffel, the current assistant vice president of the Casualty Division, will oversee all underwriting operations as vice president. Volker Albrecht will continue to head the unit.”
The company offers commercial coverage for property, engineering/builders risk, casualty and auto, as well as the aviation commercial insurance line it currently manages on behalf of Allianz Insurance Company of Canada and ING Canada. “In addition, the company immediately benefits from the stronger ratings of its U.S. counterpart, as Allianz Global Risks US is rated ‘AA-‘ (Very Strong) by Standard & Poor’s and ‘A’ (Excellent) by A.M. Best,” the bulletin stated.
“We are excited to have completed this process, as we can now write and renew business backed by stronger ratings,” Albrecht commented. “We will continue to be a reliable partner to our Canadian customers, and expect our new status to produce additional opportunities for knowledge exchange, shared services and resources that make it easier for our customers to do business with us.”
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