Allianz commits to continued broker focus after restructure

Jon Dye Allianz UK CEO

Provider says split into distinct personal and commercial businesses will not result in any redundancies.

Allianz has pledged to continue its focus on working with brokers after it revealed it is restructuring its operations.

The provider said yesterday (14 July) that it had created distinct personal and commercial businesses which will be led by Steve Treloar and Simon McGinn respectively.

McGinn told Insurance Age that the commercial lines business is “100% brokered” and promised that brokers would not see any disruption over the coming months.

He commented: “These are senior level changes, so we will continue to operate very effectively and maintain the service levels we’ve managed to have throughout the pandemic. I want to reassure them of that.”

He added that Allianz would become a more “responsive and dynamic” business following the restructure.

“By streamlining the executive team and bringing all of the ventures under one senior leadership team, we’ll be more joined up and able to make quicker and more agile decisions as a team and also be able to make sure that our collective priorities are driven through the business more quickly,” McGinn continued.

He added: “So, I’m hoping they will find that we’ll continue to provide service and expertise in the specialisms we’re known for.”

Management
As part of the changes, Sarah Mallaby, director of broker markets (commercial and personal) has left the business along with Chris Little, director of engineering, construction and power, and Gary Davess, director – specialty and direct.

In addition, chief underwriting officer Neil Clutterbuck has decided to make an exit after 18 years in order to “pursue new opportunities”.

Nick Hobbs will take on the role of chief distribution and regions officer, bringing distribution, regional underwriting and commercial broker operations into one place.

McGinn explained: “For Sarah and Chris, essentially this is about folding three jobs into one to give us a more singular point of accountability and clarity on distribution and strategy, and unfortunately, when moving three roles into one, there’s always two people that are not going to be in a role.

“Sarah goes with our very best wishes - she made a great contribution - but Nick, who is also well-known to the broker community, will be a single point of leadership for a team that will remain exactly as it is.”

Personal
Meanwhile, Treloar stated that the restructure will not have an impact on the personal lines broker business, which will continue to be led by Mike Crane.

“I continue to see that business going from strength to strength,” Treloar continued.

“What we’ve added today is more power and strength to the business, and by bringing it together, I’m hopeful this will mean greater capabilities across our businesses, greater understanding of the market we’re operating in and, in the case of brokers, a greater understanding of what they are looking to achieve.”

Asked whether the restructure was likely to result in any redundancies, both McGinn and Treloar stated that there were none planned.

Journey
Allianz Holdings CEO Jon Dye, pictured, further explained that the changes were a “continuation of the journey” that Allianz has been on since it bought LV in 2017.

“It’s driven by the needs of the personal lines market and the commercial lines market where we can see that many of the trading dynamics are quite different,” Dye detailed.

Allianz Commercial will comprise Allianz’s Mid-Corp Commercial, Engineering, Construction & Power, SME, and Legal Protection businesses.

Meanwhile, Allianz Personal will bring together LV Retail business, LV Broker, L&G GI, Petplan, Home & Legacy, and Allianz Musical Insurance.

Dye confirmed that the restructure will not have an impact on any of the brands.

Growth
Looking ahead, Treloar noted that the integration of Legal & General GI, which was bought by Allianz in 2019, will be finished in 2022 and added that it was “nice to report for once that we’re not embarking on another integration”.

He explained that Allianz Personal will launch a strategic review to decide which areas to invest in going forward.

“We’ll take our time to decide where we’re going to put our chips in terms of investment and growth, but we are definitely ambitious to grow the business further,” Treloar added.

McGinn detailed that Allianz Commercial will be looking to grow its engineering business.

He concluded: “The market is very changeable at the moment and that provides some challenges but also some opportunities.

“The whole restructure is designed to make sure we’ll be able to take those opportunities, so we’ll continue to scan and look at ways in which we can grow.”

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