Allianz Global Corporate & Specialty (AGCS) has appointed David Brown as its new head of Capital Solutions, a team focused on the insurance-linked securities (ILS) market, transferring insurance risk to capital markets, as the current unit leader Richard Boyd is leaving the firm.
Boyd has led the development of a significant insurance-linked securities (ILS) related fronting, risk transformation, risk transfer and facilitation operation at Allianz over the years.
He joined what was then Allianz Risk Transfer (ART) back in 2005, before moving to Bermuda in 2008 for the company and then becoming Head of Insurance Linked Markets in 2010, Chief Underwriting Officer for ART globally in 2015, and finally Global Head of Capital Solutions.
Boyd is leaving Allianz and moving back to the United Kingdom from Bermuda for family reasons.
His position will be filled by an internal promotion at AGCS, as David Brown, currently Head of Insurance Linked Markets will take over as head of Capital Solutions from July 2021, subject to local regulatory approval.
Brown joined Allianz Risk Transfer in London in 2007, moving to Bermuda as an underwriter in 2010 and becoming Head of Insurance Linked Markets in 2015. He was also appointed President of AGCS’ subsidiary, Allianz Risk Transfer (Bermuda) Limited, in 2020.
Grant Maxwell, Global Head of Alternative Risk Transfer, commented, “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 unit specialises in in structuring insurance and reinsurance risks into a form acceptable to capital market investors, such as transferring catastrophe risk from insurance carriers like AGCS to capital markets investors through partnering with specialist ILS fund managers.
The Capital Solutions team forms part of AGCS’s Alternative Risk Transfer business unit, which specialises in creating non-traditional solutions for business risk transfer, and has seen its premiums expand by nearly 20% per annum between 2016 and 2020, as interest in tailor-made risk transfer solutions, including access to the capital markets and ILS funds has grown.