Allianz Hires Zurich’s Schiavone to Build U.S. Financial Lines

Allianz SE hired Zurich Insurance Group AG’s Paul Schiavone to oversee financial products in the U.S. and Canada as Europe’s largest insurer builds its commercial business in North America.

Schiavone, 46, was named regional head of financial lines in North America for Allianz Global Corporate & Specialty, the Munich-based firm said today in a statement. He’ll work out of New York.

Allianz has been narrowing its focus in the U.S. to business clients. It’s folding Fireman’s Fund’s commercial operations into Allianz units and agreed last month to sell the individual coverage business to Ace Ltd.

“By joining the existing groups in Canada with our Fireman’s Fund team, we have the opportunity to introduce an exceptional AGCS solution to our clients and brokers throughout North America,” Hugh Burgess, AGCS regional head of corporate North America, said in the statement.

Schiavone was most recently responsible for the private- equity insurance business for Zurich in the U.S. and previously was the firm’s global chief underwriting officer for special lines. He has a law degree from New York University and a bachelor’s from Seton Hall University.