Allianz
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The firm, one of three major reinsurance fronts, said it would manage run-off in an orderly way. -
The firm’s group reinsurance officer Thorsten Fromhold said the insurer will consider using more cat bond coverage “if the market stays where it is”.
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The deal will provide per-occurrence, Cresta-weighted industry insured loss cover for European windstorm.
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The European insurer has not issued a cat bond for its own benefit since 2013.
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The new issuance is offered with pricing guidance at 2.5x the expected loss.
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Sang Hun Park previously spent nine years at Allianz before joining Munich Re as a senior origination manager in August 2021.
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The German carrier will increase the attachment point on its US coverage by 50% to $300mn.
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Allianz Global Corporate & Specialty (AGCS) is adding five new roles dedicated to ILS alongside an expansion of the ART team.
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The unit will aim to grow captive solutions and structured solutions.
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She succeeds William Mills, who left his role as group head of ceded re and third-party capital for Allianz.
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William Mills was most recently group head of ceded reinsurance and third-party capital at Allianz.
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Thorsten Fromhold has been appointed to the new role of chief group reinsurance buyer.
