Allianz Global Corporate & Specialty (AGCS), a subsidiary of Allianz Group specializing in large risks, continues its development in Asia. The company is expanding its business in India where it has just been granted a license to open a reinsurance branch in Mumbai.
The new entity responds to the need of covering international companies operating in the country. It will underwrite six classes of business namely property damage, third party liability, marine, financial risks, technical risks and energy.
India is an important growth opportunity for the German group. The country is undergoing a gigantic phase of modernization of its infrastructure and has embarked on major construction projects.
As a reminder, Allianz Global Corporate & Specialty reported at the end of 2017, 7.4 billion EUR (8.8 billion USD) of premiums in Asia Pacific, that is 6.3% of its total turnover. The company counts 11 offices in the region among which Singapore, Hong Kong, Japan, China, Indonesia, Brunei, Myanmar, Australia, New Zealand and South Korea.