Allianz lines up Schiavone to head ART as Guffey departs

by Artemis on November 20, 2017

Insurance giant Allianz has lined up Paul Schiavone to lead the firm’s Allianz ART unit, where fronting for ILS, weather risk transfer, catastrophe bond and certain non-traditional reinsurance business takes place, as current head Bill Guffey departs Allianz ART after 15 years.

Schiavone will take over as Global Head of Allianz Global Corporate & Specialty’s Alternative Risk Transfer (ART) unit.

This unit is perhaps best known in the insurance-linked securities (ILS) space these days for its work as a fronting partner for the largest ILS fund manager Nephila Capital.

Allianz ART covers numerous lines of business and specialist areas of risk transfer and reinsurance though, acting as the insurer’s centre of excellence for alternative risk transfer and non-traditional reinsurance, including its work with third-party capital.

Area’s of competence in the Allianz ART unit include tailor-made corporate, industrial and financial solutions where clients face unusual or complex risks; as well as where traditional insurance, reinsurance and financial products are not providing the necessary risk transfer, including specialty insurance fronting solutions, weather insurance, catastrophe bonds and specialty reinsurance coverage.

Schiavone, who has been with AGCS since 2015 when he joined from Zurich and will remain based in new York, will also oversee longer tailed lines of business for AGCS North America, as Regional Head of Corporate (Liability and Financial Lines).

Bill Guffey is leaving Allianz ART after 15 years with the company to pursue other opportunities.

Hartmut Mai, AGCS’s Chief Underwriting Officer for Corporate lines, commented, “I’d like to thank Bill for his many years at ART, culminating in his recent leadership of the team since he took over in 2014. He has contributed much to the growth of this important part of our business, and all at AGCS wish him well in the future. Paul Schiavone is ideally placed to succeed him, with his strong track record of strategic business development as well as extensive contacts and deep expertise across our industry.

“ART has been one of AGCS’ most successful lines of business and I look forward to working with Paul to develop this further in the future.”

The Allianz ART work has enabled the insurer to find smart ways to grow into certain markets, such as U.S. property and corporate risks, without having to assume all of the catastrophe and weather exposure itself. In this way the work the ART unit undertakes with third-party capital helps Allianz to grow a more sustainable book, while utilising other sources of risk capacity for the exposures that do not suit its balance-sheet as well.

Join us in New York in February 2018 for our next ILS conference

ILS NYC 2018

Subscribe for free and receive weekly Artemis email updates

Sign up for our regular free email newsletter and ensure you never miss any of the news from Artemis.

← Older Article

Newer Article →