The general managers of Allianz’s personal lines and speciality divisions have left the company following the creation of a new division
The insurer confirmed this week that Allianz Personal general manager Nick Hall and Gareth Jones, general manager of Allianz Specialty, had left the company following the restructure.
As reported last week, former claims director Jon Dye will head up the new £600m-plus combined personal lines and specialty scheme divisions, called Allianz Retail.
Allianz chief executive Andrew Torrance said this week that there would be no other immediate job losses, but he could not rule out the possibility of further changes down the road.
He said: “By mid-2008 we will have a pretty clear idea of the changes Jon [Dye] wants to make.”
He pointed out, however, that changes to the business structure were not a mission to reduce expenses.
He added: “We have substantial growth ambitions in Allianz Retail.”
Torrance said the two units were not dissimilar in size and were worth about £600m together in gross terms.
He was tight-lipped about whether Allianz Retail will be unveiling new product lines, but he said the new division would focus on driving growth in the motor and household markets where the company currently had limited participation.
“We want to see rapid growth in those two areas. We want to take a focused approach in underwriting segments where we think we can participate effectively.”
Torrance said Allianz Retail would write in excess of £660m GWP in 2007.
Home & Legacy IT roll-out
A new IT system intended to expand Allianzâ€™s Home & Legacy brand will go live in the first quarter of 2008, said chief executive Andrew Torrance.
The insurer has said it had substantial expansion plans for Home & Legacy, but was waiting for the new system to be rolled out.
Torrance said: â€œWe are very optimistic about this.â€
Allianz plans to roll out new products under Home & Legacy in the areas of pet, motor and leisure.