Allianz Global Corporate & Specialty (AGCS) has announced a new strategy and transformation program with a simple ambition: to be the market leader in its target segments. Backed by the strength and depth of Allianz Group, AGCS will focus on its core capabilities: offering specialist solutions for complex risk challenges worldwide, based on deep technical risk expertise, strong customer relationships, and outstanding claims management, delivered globally through the Allianz network.

This factsheet highlights the most important new developments for clients and brokers.

STRATEGIC FOCUS AND MAJOR CHANGES – AT A GLANCE

– Focus on core markets and segments– Technical excellence in underwriting and

claims services prioritized– Regional organization simplified

in new global model– New Global Distribution function

for improved service delivery– Dedicated industry sector

teams established– Focus on increasing responsiveness

and driving out cost and complexity– Investment of over €100 million

per annum in digitalization, includingclient-facing services

REGIONAL ORGANIZATION

AGCS will adopt a simplified regional organization to ensure a joined-up market approach, with fully empowered teams steering across regions, but acting within a globally coordinated model. The new organization will increase responsiveness, reduce cost and complexity, and aligns with many distribution partners’ and clients’ businesses.

– AGCS SE Board: Two Chief Regions & Market Officers are responsible for customer and broker activities globally:Henning Haagen for all AGCS Regional Units outside North America and William Scaldaferri for AGCS North America

– Six AGCS Regional Units (reduced from seven) led by Regional Managing Directors

– New Ibero/Latam Region combines Spain and Portugal with Latin America – reflecting market and customer needs

– AGCS Africa joins up with Mediterranean markets (France, Italy, Greece etc.) as well as Benelux to create new Mediterranean & Africa region – aligns with many customers and ensures one approach across Africa

– Regional Line of Business Heads to steer underwriting across each region

– Regional Claims Heads to lead claims across all countries per region

– Each region managed as a whole to deliver an integrated approach, supported by and aligned with our global model and teams.

JOACHIM MUELLER, CEO AGCS:

“ Building the ‘New AGCS’ means a big leap forward through the comprehensive transformation of our company. With the new leadership team and a clear focus on our target clients in the right segments and markets, we will drive for market leadership, putting AGCS back on top of our industry. We will be able to deliver sales and solutions on a truly global scale and to service clients and brokers with faster decisions and greater agility.”

ALLIANZ GLOBAL CORPORATE & SPECIALTY

NEW AGCSWHAT CLIENTS, BROKERS AND BUSINESS PARTNERS CAN EXPECTJULY 2020

Regions are indicative only: exact representation in specific countries varies, from AGCS and Allianz offices to network partners, subject to all relevant regulatory and sanctions regimes.

WILLIAM SCALDAFERRI NUNO ANTUNES* CORINNE CIPIÈRE ALFREDO ALONSO* HANS-JÖRG MAUTHE MARK MITCHELL

REGIONAL UNIT NORTH AMERICA

REGIONAL UNIT IBERO/LATAM

REGIONAL UNIT MEDITERRANEAN

& AFRICA

REGIONAL UNIT LONDON & NORDICS

REGIONAL UNIT CENTRAL &

EASTERN EUROPE

REGIONAL UNIT ASIA PACIFIC

SIX AGCS REGIONAL UNITS

AGCS REGIONAL MANAGING DIRECTORS

MARKET FOCUS

AGCS will focus on its established strengths in specialist Property & Casualty solutions:

– Complex risks for large multinational companies– Expert solutions for specialist risks such as

Aviation, Marine, Entertainment and more– MidCorp in selected markets (e.g. United

States) with a focus on Middle Market andspecialist Program business

– Strong lead capabilities in target segments

– Market-leading claims services– Global programs through Allianz Multinational– Innovative risk transfer solutions through

Alternative Risk Transfer– Bringing together the full product range of

Allianz Group for business customers

WILLIAM SCALDAFERRIChief Regions & Markets Officer 2 (AGCS North America)

HENNING HAAGENChief Regions and Market Officer 1 ( all AGCS Regional Units outside North America)

*Appointment subject to regulatory approval.

NEW GLOBAL DISTRIBUTION FUNCTION

NEW INDUSTRY SECTOR SPECIALIST TEAMS

KEY RESPONSIBILITIES - GLOBAL DISTRIBUTION

AGCS will create a new team led by Patrick Thiels as Global Head of Distribution reporting to AGCS Chief Regions and Markets Officer Henning Haagen. The new Global Distribution function will ensure a coordinated global approach across all regions towards client and broker relationship management, ensuring smarter execution as well as driving business development and client solutions.

– One global sales and distribution strategy and function: ability to deliver sales and solutions on a truly global/regional scale for clients and broker partners

– Coordinates multi-line solutions and access to Allianz Group products and services

– Strengthened focus on key account management and broker management

– Reduced complexity: single strategy per distribution channel, with direct access to key AGCS stakeholders

– Faster decisions: ability to service clients and brokers across the regions or globally with single rather than multiple layers of decision making

Distribution Strategy & Planning

Client/Broker & Partner Relations

Global Industry Solution Directors

Regional Head of Distribution

Key Account/Broker Management Teams

Sales AcademyMarketing &

Customer Experience

Client needs differ between industries, and cover a wide range of products and services, spanning both AGCS and the wider Allianz Group. AGCS will build up specialist teams for selected industry sectors, focusing on multi-line solutions for large corporate and multinational clients.

Clients and brokers will be able to access our products, services and expertise through a single source aligned to core industries. This reflects the approach adopted by many broker partners and requested by many clients.

In the first instance AGCS will build four ‘vertical’ teams as follows

1. Financial Institutions 2. Telecoms & IT 3. Aviation & Aerospace 4. Construction

EVOLVING UNDERWRITING AND CLAIMS

Technical Excellence in Underwriting and Claims is a core element of the new strategy. In Underwriting, this includes strengthening capabilities and tools in pricing, portfolio management, loss trend analysis, volatility management and actuarial modelling.

Claims will continue to be at the center of our proposition: AGCS continues to be a dependable partner for helping clients protect their balance sheet and helping them in their hour of need.

– Re-established dedicated Board responsibility for Claims with the appointment of Thomas Sepp as AGCS Chief Claims Officer

– Systematic identification of loss trends in a cross-functional approach: Insights to be shared with our clients to improve their risk management approach

– Enhanced loss trend information and claims data to steer our own Underwriting and Portfolio Management

– Effective settlement strategies for optimum claims outcomes for clients: Leveraging our expertise, we will build Claims Global Practice Groups, ensuring that the settlement of large, complex claims is fully supported by the best experts worldwide.

PATRICK THIELS

THOMAS SEPP

INVESTMENT IN AGCS’ GLOBAL MODEL AND DIGITALIZATION

AGCS will establish new teams and expand current functions to drive a global approach to improving products and processes, reducing complexity for customers while improving service delivery, efficiency and reducing cost to allow for more competitive pricing. Investing heavily in digitalization and data analytics is a cornerstone of the new strategy.

GLOBAL PRODUCT MANAGEMENT A dedicated global function led by Guy Money who will report to Chief Underwriting Officer Corporate Tony Buckle. The new function brings clients and brokers:

– Simplification of products and solutions for regional and global scalability, based on a global product library reflecting client/market need

– Standardization and modular architecture: easier to understand, reduced complexity and unnecessary variations, with regional consistency

– Continuing product refinement and innovation across industry verticals and regions: customization where needed, while avoiding unhelpful complexity in policy wordings

– Partnership approach to develop industry-leading solutions, backed by the strength and depth of Allianz Group

GLOBAL PROCESS MANAGEMENT A new global function will be responsible for end-to-end process improvement to drive efficiency and customer service delivery through one globally coordinated approach, led by Erika Cubova. She reports to AGCS Chief Operating Officer Bettina Dietsche. Key responsibilities include:

– Simplification of global process architecture thus reducing errors and cost

– End-to-end workflow with universal process driving efficiencies and faster delivery for clients

– Harnessing the power of digital processing aligned through the new global system architecture

– Continued strong delivery of compliant solutions capable of dealing with the ever-changing regulatory landscape

ALLIANZ MULTINATIONAL The effective management of global risks is AGCS’ core business, and the Allianz Multinational team will continue to be a focus area for investment. Now led by Nigel Leppitt. the Allianz Multinational team provides a fully customized service responding to the cross-border exposures of our clients, while also taking into account the regulatory and fiscal framework in which global businesses operate. Leppitt reports to AGCS Chief Operating Officer Bettina Dietsche.

DATA & DIGITALIZATION AGCS’ strategy relies on the effective use of data analytics and digital technologies for both core business activities and for our customers. Over €100 million will be invested per annum in technology, in a large scale IT transformation program, led by IT Transformation Lead, Baxter Phillips. Priorities will be to move to one global scalable systems architecture, driving service and efficiency end to end, and establish a new customer-facing portal to pull together all customer services in underwriting, claims and risk consulting.

In parallel, AGCS is ramping up its focus on data analytics in all areas to inform and steer the business, as well as to benefit clients through effective analysis of claims and risk trends. Ali Shahkarami was appointed earlier in 2020 as Chief Data Officer to lead the company’s initiatives in this area. Both roles report to AGCS Chief Operating Officer Bettina Dietsche.

NIGEL LEPPITT

BAXTER PHILLIPS

ALI SHAHKARAMI

GUY MONEY

ERIKA CUBOVA

AGCS SE BOARD OF MANAGEMENT*

KEY CONTACTS: GLOBAL ROLES AND FUNCTIONS

CHIEF EXECUTIVE OFFICER

Joachim Müller

CHIEF FINANCIAL OFFICER

Claire-Marie Coste-Lepoutre

CHIEF REGIONS & MARKETS OFFICER 1

Henning Haagen

CHIEF REGIONS & MARKETS OFFICER 2

William Scaldaferri

CHIEF CLAIMS OFFICER

Dr. Thomas Sepp

CHIEF UNDERWRITING OFFICER CORPORATE

Tony Buckle

CHIEF UNDERWRITING OFFICER SPECIALTY

Dr. Renate Strasser

CHIEF OPERATING OFFICER

Bettina Dietsche

AGCS GLOBAL LINE OF BUSINESS HEADS

GLOBAL HEAD OF PROPERTY

Thierry Portevin

GLOBAL HEAD OF LIABILITY

Ciara Brady

GLOBAL HEAD OF FINANCIAL LINES

Shanil Williams

GLOBAL HEAD OF ENERGY & CONSTRUCTION

Chris van Gend

GLOBAL HEAD OF MIDCORP

Vinko Markovina

GLOBAL HEAD OF ALTERNATIVE RISK TRANSFER

Grant Maxwell

GLOBAL HEAD OF CAPITAL SOLUTIONS

Richard Boyd

GLOBAL HEAD OF AVIATION

Tom Fadden

GLOBAL HEAD OF MARINE

Ulrich Kadow

GLOBAL HEAD OF ENTERTAINMENT

Lauren Bailey

GLOBAL HEAD OF ALLIANZ RISK CONSULTING

Tina Baacke

*The appointments of Dr. Renate Strasser and Tony Buckle are subject to regulatory approval.

AGCS SELECTED GLOBAL FUNCTIONS

GLOBAL HEAD OF CLAIMS

Philipp Cremer

GLOBAL HEAD OF DISTRIBUTION

Patrick Thiels

GLOBAL HEAD OF PRODUCT

Guy Money

GLOBAL HEAD OF PROCESS MANAGEMENT

Erika Cubova

GLOBAL HEAD OF MULTINATIONAL

Nigel Leppitt

IT TRANSFORMATION

Baxter Phillips

CHIEF DATA OFFICER

Ali Shahkarami

KEY CONTACTS: GLOBAL ROLES AND FUNCTIONS

The material contained in this publication is designed to provide general information only. While every effort has been made to ensure that the information provided is accurate, this information is provided without any representation or warranty of any kind about its accuracy and Allianz Global Corporate & Specialty SE cannot be held responsible for any mistakes or omissions. All descriptions of coverage are subject to the terms, conditions and exclusions of the individual policy. Copyright © July 2020 Allianz Global Corporate & Specialty SE (All rights reserved)Allianz Global Corporate & Specialty SE, Fritz-Schäffer-Strasse 9, 81737 Munich, Germany Commercial Register: Munich, HRB 208312

For further information, please contact your local AGCS office or visit www.agcs.allianz.com