Allianz Realigns Global Cooperation with Car Manufacturers

July 22, 2010

Germany’s Allianz, Europe’s largest insurer, announced the formation of a new unit for cooperation with car manufacturers at Allianz Versicherungs-AG / International with a “direct reporting line to the Allianz SE board of management.”

Allianz explained that based on the requirements of car manufacturers, it is “realigning the structure of its unit that is responsible for automotive cooperations (Global Automotive). As of August 1, 2010,

“Karsten Crede (42), who has been in charge of Global Automotive, will become a board member of Allianz Versicherungs-AG, thereby taking over the responsibility for the German business with car manufacturers.” Following the change, he will report directly to Dr. Werner Zedelius, member of the Allianz SE board of management.

Crede joined Allianz in October 2009 and has been the responsible board member for the global business with car manufacturers at Allianz Global Corporate & Speciality (AGCS). After a brief transition period, he will resign from his board membership at AGCS.

“Germany is the key market for cooperating with car manufacturers right now, and we are planning to expand this partnership massively especially in growth markets”, Zedelius noted. “With the new structure of Global Automotive, customers can best profit from the performance and quality of the Allianz Group.”

Allianz currently “cooperates with 25 large and international auto brands in 27 countries, generating premiums of some €1.5 billion [$1.925 billion],” said the bulletin.

The cooperation allows customers to purchase individually matched insurance solutions at the time of purchasing their car. The insurance products are branded by the manufacturer and developed by Allianz and the respective car manufacturer together.

Source: Allianz SE

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