View this article online: https://www.insurancejournal.com/news/national/2016/09/08/425775.htm
Allianz Global Corporate & Specialty (AGCS) is expanding its global Environmental Impairment Liability (EIL) team with new senior hires in the North American and Mediterranean regions.
“Environmental claims pose an immense financial and reputational risk for companies today and we will continue investing in the best people and resources to best serve our customers,” said Arthur Lu, head of global EIL for AGCS.
In North America, Ken Baker joins as a dedicated claims specialist working in New York. Baker brings nearly a decade of technical claims experience while at American International Group (AIG) and before AIG he was with the Excess Casualty Global Broking unit at Marsh USA.
Additionally, Nicole Baker and Steve Tagert join as executive underwriters; Baker will be based in Houston and Tagert in Philadelphia. Tagert has 18 years of insurance experience and before joining AGCS he held senior roles in underwriting and both product line and general management with AIG and XL Catlin. Baker brings almost a decade of EIL insurance experience also from AIG, and prior to starting her insurance career she held senior positions with Allied Waste Industries Inc. and Waste Management Inc.
In the Mediterranean, Dámaso Alvarez Peña joins as head of EIL, Mediterranean region, and will be based in Madrid. Alvarez comes to AGCS from Chubb, where he was the regional environmental risk manager with responsibility over Iberia and Eastern Europe. Prior to this, Alvarez held positions in the private sector with a focus on business development and the environment.
Allianz has been providing EIL insurance for more than two decades in Europe and grew in 2014 to cover the rest of the world, including markets in North America, Asia and Sub-Saharan Africa.
Lu said that as a result of legislative change, regulatory enforcement and increased corporate globalization, the need for commercial environmental insurance has increased, particularly in the mature markets of the U.S. and Europe.
“Fines or penalties are ways in which local regulators are attempting to maintain or improve local standards, as well as build awareness,” Lu said.
He said emerging regions such as Eastern Europe, Asia, South America, the Middle East and Africa have been witnessing a growing trend in EIL requirements, especially in countries where EIL cover is mandatory.
“We have definitely seen an increase in demand for global cover,” said Lu. “Particularly in mature markets where risks managers want to purchase worldwide policies, including local policies in non-admitted countries.”