Allianz is undertaking a strategic restructuring of its operations to create distinct personal and commercial insurance businesses supported by a number of integrated service functions.
These changes represent the next phase in Allianz’s successful integration of the LV= General Insurance (LV= GI) and L&G General Insurance (L&G GI) businesses and will simplify and streamline its operations. The new structure is designed around customer needs and the opportunity to focus on and share technical excellence and expertise.
As part of the restructuring, Steve Treloar has become chief executive officer of Allianz Personal, while Simon McGinn holds the same position for Allianz Commercial.
Reporting to Jon Dye, chief executive officer of Allianz Holdings, they will both sit on the Allianz Holdings management board alongside the heads of the service functions.
The changes are effective immediately, subject to regulatory approval.
Commenting on the changes, Dye said: “These changes are the next step on our journey as we continue to build a well-balanced business that puts the customer at its heart and maintains a clear and resolute focus on delivering our business priorities. There are clear differences between Commercial and Personal trading in the UK market and the new structure will help us build upon the successful propositions already in place.
“Our simplified structure and streamlined, cohesive senior team will enable us to be more agile, responsive and collaborative.”
Allianz Personal will comprise the LV= Retail business, LV= Broker, L&G GI, Petplan, Home & Legacy and Allianz Musical Insurance.
Led by Treloar, the new business unit will have gross written premiums of £2.6 billion with 8.5 million customers and around 5,000 employees, making it one of the largest personal lines insurers in the UK.
As well as being chief executive officer of Allianz Personal, Treloar will remain chief executive officer of LV= GI.
The LV= Retail business will also continue to be led by Heather Smith as managing director, while Mike Crane will maintain responsibility for LV= Broker and L&G GI as managing director and chief executive officer, respectively.
Kieran O’Keeffe will take up a new role as managing director for specialty, leading the Petplan, Home & Legacy and Allianz Musical Insurance businesses. Prior to taking on this role, he was chief risk officer for LV= GI.
Treloar said: “This is an extremely exciting time for our business. By bringing together all the personal lines brands under one roof it will give us even more strength, scale and expertise to ensure we can cater for a broad range of customers and partners across a large number of different channels. The capabilities we now have mean we have some great opportunities ahead of us and I’m