AGCS looks to develop 'sustainable' entertainment book after COVID-19 hit

Allianz Group's specialist corporate insurer AGCS has appointed a new global head of entertainment as it looks to develop a sustainable book of business after the sector as hit significantly by pandemic-driven claims last year.

Michael Furtschegger will lead the entertainment line of business at Allianz Global Corporate & Specialty (AGCS) globally.

Based in Munich, Furtschegger has led the global entertainment team since the end of 2020 on an interim basis, after his predecessor Lauren Bailey had decided to step down from her role and leave Allianz.

Furtschegger served as the head of entertainment international since 2016, steering the international expansion of the business segment. He first joined AGCS in 2009 and has served in several senior roles within the company.

AGCS' entertainment line of business provides specialised insurance solutions for film productions as well as live events in sports, music or culture.

The company said that it saw a surge in COVID-19 driven claims in the entertainment line of business in 2020, especially for the cancellation of live events and the disruption of movie or film productions due to governmental lockdowns and social distancing measures. However, AGCS expects it to develop into a successful and sustainable book of business post-pandemic.

“With the ongoing COVID-19 pandemic, both the Entertainment industry as well as its insurers have gone through an extremely challenging time over the last year," said Renate Strasser, AGCS chief underwriting officer of specialty. "Michael and the team in Underwriting and Claims have worked intensively to support our customers to mitigate losses and quickly settle any claims if coverage was confirmed."

Strasser added: "We hope that the post-pandemic new normal will soon realize so that this sector can build on earlier growth and vibrancy. I look forward to working with Michael and have every confidence that he will steer the team to a successful future and develop a sustainable Entertainment book of business for AGCS.”

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