Leadership appointment in Allianz’s specialist Capital Solutions unit

Allianz Global Corporate & Specialty (AGCS) has appointed David Brown, currently its head of insurance linked markets, to take over as head of its Allianz Global Corporate & Specialty’s Capital Solutions team, based in Bermuda.

Brown will take up the position from July 1, 2021. He succeeds his long-term colleague Richard Boyd, who is leaving Allianz and moving back to the United Kingdom from Bermuda for family reasons.

The Capital Solutions unit focuses on the insurance-linked securities sector, transferring insurance risk to capital markets – part of AGCS’s wider alternative risk transfer business.

David Brown joined Allianz Risk Transfer in London in 2007 and moved to Bermuda as an underwriter in 2010. He became head of insurance linked markets in 2015 and was appointed president of AGCS’ subsidiary, Allianz Risk Transfer (Bermuda) Limited, in 2020. Prior to AGCS, Brown spent his early career at Marsh, where he focused on structuring alternative risk transfer and captive solutions.

Richard Boyd joined what was then Allianz Risk Transfer (ART) in London in 2005, moving to ART Bermuda in 2008. He became head of insurance linked markets in 2010 and then chief underwriting officer for ART globally in 2015, and subsequently global head of capital solutions.

Grant Maxwell, global head of alternative risk transfer, said: “Richard and David have worked together for many years, and so while we’re sorry to see Richard move on to take his next career steps outside Bermuda, David is ideally positioned to take over from him, and to continue to build this important part of our business. I want to thank Richard for his great contribution to AGCS and we all wish him well in the future.”

The Capital Solutions team specialises in structuring insurance risks into a form acceptable to capital market investors: for example, transferring catastrophe risk from insurance carriers like AGCS to capital markets investors through partnering with specialist fund managers.

The Capital Solutions team forms part of AGCS’s alternative risk transfer business, which is led by Grant Maxwell, based in London, with teams in New York, Bermuda, London, Lichtenstein, Zurich, and Singapore. This unit specialises in creating non-traditional solutions for business risk transfer, which complement AGCS’ established range of mainstream corporate insurance products. This part of AGCS’ business has seen increasing demand from clients in recent years, with premiums growing by nearly 20 percent per annum between 2016 and 2020, as interest in custom-made solutions for specific risk challenges has grown.

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