Allianz Global Corporate & Specialty (AGCS) has named Richard Green as head of its alternative risk transfer (ART), Asia Pacific.
In his new role, Green will oversee developing and executing global strategy for both ART and capital solutions underwriting and business development in Asia Pacific.
Based in Asia since 2005, Green was most recently the regional head of ART and cyber insurance for Marsh, and developed solutions including residual value, weather parametrics, loss portfolio transfer, non-damage business interruption and risk financing.
From 1 November Allianz’s insurance-linked markets team will becomes a standalone line of business known as capital solutions, led by ART chief underwriting officer (CUO) Richard Boyd.
The remaining ART practice groups providing corporate solutions, reinsurance, and climate solutions will continue under the name of alternative risk transfer; it will be led by Michael Hohmann who moves to ART from his current position as global head of liability at AGCS.
ART creates tailored insurance, reinsurance and other non-traditional risk management solutions for corporate, insurance and investment clients.
Mark Mitchell, AGCS regional CEO, Asia Pacific, commented: “Alternative risk transfer is not a new concept to the region and we have had success with ART solutions here in the past.”
“However, such business within Asia Pacific has traditionally required bringing in the expertise of colleagues from other regions. In light of the increasing awareness and demand for the value of ART solutions regionally, I believe the time is right to build a dedicated team around Richard Green to drive business and improve on our value proposition to clients.”