Allianz

Other bidders included France's Groupama and Italy's Itas.

Staffing turmoil is ongoing in the marine market as companies vie to secure talent.

Under Allianz’s Integrated Commercial strategy, each region will be led by a commercial managing director.

Anthony Vassallo will focus on developing AGCS’s natural resources proposition, reporting to global head of specialty Gordon Browne.

Simon McGinn joined Allianz in 2004 and was made CEO of Allianz Commercial in 2021.

A variety of challenges remain, including the operation of Russia’s ‘shadow fleet’ for oil transport.

After founder members Axa and Allianz dealt a potentially terminal blow to the Net-Zero Insurance Alliance by withdrawing, the NZIA is exploring limited options to continue.

Sompo is the eighth major insurer to leave the NZIA, casting even further doubt on its future as remaining members explore options around whether to continue.

Both Axa and Allianz said their own targets on sustainability and reducing emissions remain unchanged.

De la Cuerda will oversee Allianz’s commercial unit in Spain and Portugal, reporting to both Allianz Spain CEO Veit Stutz and AGCS chief regions officer Henning Haagen.

AGCS reported an 11% improvement to operating profit, reaching EUR202mn.

The carrier made the statement following a news report which said it was renewing the policy.