Allianz acquires renewal portfolio from Liberty Mutual US
Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) has acquired the renewal portfolio of Liberty Mutual Insurance’s US product recall and special contingency business.
The business is written through Liberty International Underwriters (LIU) US, according to a Jan. 31 press release. AGCS began offering product recall insurance in North America in 2016 and said that it is committed to further expanding its business in this segment, with a focus on larger corporate clients.
"As LIU recently announced an exit from the crisis management space, we are pleased to have the opportunity to offer our underwriting expertise to their former clientele in an effort to continuously support their coverage needs,” said Christof Bentele, head of global crisis management, AGCS. "For Allianz, this opportunity helps further position us as a leading product recall carrier and supports our strategy of expanding our customer base in the US."
The insurer also offers crisis management assistance services globally on a 24/7 basis through its partner company red24, which also supported Liberty Mutual’s clients.
According to a recent AGCS report titled Product Recall: Managing The Impact of the New Risk Landscape, the average cost of a significant incident is in excess of $12 million, with the costs of largest events far exceeding this total.
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