Versicherung: Allianz Commercial will bei Spezialversicherungen zulegen

Veranstaltung: Allianz Commercial to Expand in Specialty Insurance with Own Syndicate on London’s Lloyd's Market

Allianz Commercial, a commercial insurer, is establishing its own syndicate on the Lloyd's market in London. The new direct insurance syndicate, named "Allianz Commercial 1893," is set to begin operations from January 2027, according to sources. Lloyd's has reportedly already given its overall approval to the new syndicate. This move is part of Allianz Commercial's strategy to strengthen its market position in the specialty insurance business.

Lloyd's is known as a key hub for complex specialty insurance solutions, including those for transport, aviation, marine, and terrorism sectors. The financial risks of the insured policies are borne by the respective syndicates, which can consist of one or multiple capital providers. Allianz Commercial CEO Thomas Lillelund told the Handelsblatt, "Lloyd's will provide us with access to additional business that we could not reach through the free market."

The new syndicate is named after the year Allianz Commercial made its first international move and opened a London office in 1893. It complements the insurer's existing specialty business and does not replace it. Allianz Commercial currently generates premiums of over six billion euros, accounting for more than a third of the total premium volume.

The syndicate will be built carefully, with net premiums of up to 117 million pounds expected in the first year, according to Lillelund. In subsequent years, the volume will be increased. Allianz Commercial hopes to participate in specialized insurance programs that bundle risks and can only be underwritten through Lloyd's – risks not accessible through the insurer's current structures.

Additionally, the company aims to expand its business in regions where it is currently only partially active. In the US, the largest insurance market in the world, Lillelund plans to strengthen the "Excess and Surplus" business, which typically involves relatively complex risks that are often handled through Lloyd's. Allianz has already established a partnership with the investment firm Oaktree in the US, where a Lloyd's syndicate 1890, named after the year the Allianz was founded, will contractually take on a portion of the insurer's large risks.

Other insurers are also expanding their activities in London. Talanx subsidiary HDI Global announced in September that it had received permission to establish a Lloyd's syndicate, aiming to provide brokers and clients with more options. Italian insurer Generali recently announced plans to establish a Lloyd's syndicate as part of its overall reinsurance strategy.