Allianz Holdings restructures to create Commercial and Personal businesses
Allianz Holdings announced a restructuring of its operations, to create distinct Personal and Commercial businesses, supported by a number of integrated service functions.
These changes represent the next phase in Allianz’s integration of the LV= General Insurance (LV= GI) and L&G General Insurance (L&G GI) businesses and will simplify and streamline its operations. The new structure is designed around customer needs and the opportunity to focus on and share technical excellence and expertise.
Steve Treloar becomes CEO, Allianz Personal and Simon McGinn becomes CEO, Allianz Commercial. Reporting into Jon Dye, CEO, Allianz Holdings, they will both sit on the Allianz Holdings management board alongside the heads of the service functions – Fernley Dyson, chief financial officer, Julie Harrison, chief HR officer, Stephanie Smith, chief operations officer and John Berry, chief risk officer.
These changes are effective immediately, subject to regulatory approval.
“These changes are the next step on our journey as we continue to build a well-balanced business that puts the customer at its heart and maintains a clear and resolute focus on delivering our business priorities. There are clear differences between Commercial and Personal trading in the UK market and the new structure will help us build upon the successful propositions already in place. Our simplified structure and streamlined, cohesive senior team will enable us to be more agile, responsive and collaborative.” – Jon Dye, CEO, Allianz Holdings.
Allianz Personal will comprise the LV= Retail business, LV= Broker, L&G GI, Petplan, Home & Legacy and Allianz Musical Insurance. Led by Steve Treloar, the new business unit will have gross written premiums of £2.6 billion with 8.5 million customers and around 5,000 employees, making it one of the largest personal lines insurers in the UK.
As well as being CEO of Allianz Personal, Steve will remain CEO of LV= GI. The LV= Retail business will also continue to be led by Heather Smith as managing director, while Mike Crane will maintain responsibility for LV= Broker and L&G GI as managing director and CEO respectively. Kieran O’Keeffe will take up a new role as managing director for specialty, leading the Petplan, Home & Legacy and Allianz Musical Insurance businesses. Prior to taking on this role, Kieran was the chief risk officer for LV= GI.
“This is an extremely exciting time for our business. By bringing together all the personal lines brands under one roof it will give us even more strength, scale and expertise to ensure we can cater for a broad range of customers and partners across a large number of different channels. The capabilities we now have mean we have some great opportunities ahead of us and I’m incredibly proud to be leading such a fantastic business.” – Steve Treloar, CEO of Allianz Personal & LV= GI.