The Fireman s Fund commercial P&C business focuses on declared areas of industry and product specialization, particularly those with domestic exposures across the United States, while AGCS
concentrates on large corporations or specialty risks, particularly those with multinational exposures.
AGCS (consisting of Allianz Global Corporate & Specialty AG and certain affiliated companies operating under the AGCS brand) provides insurance and risk management consultancy across the whole spectrum of marine, aviation and corporate business, including Energy, Engineering, Financial Lines (incl.
Worldwide, AGCS operates in 27 countries and in more than 160 countries through the Allianz Group network and through network partners.
Best's view, the AGCS
companies (comprising AGCS
AG and Allianz Global Corporate & Speciality North America and all subsidiaries) are all an integral part of the strategy of Allianz SE.
will offer many benefits to Fireman s Fund s clients and business partners in the US, with its global reach, recognized expertise and AA rated financial strength.
The downgrading of the ICRs of AGCS
NA and Allianz of America Inc reflects the rating enhancement they receive from their ultimate parent company, Allianz Societas Europaea (Germany) (Allianz SE), whose ICRs were recently downgraded.
This new set-up is a significant step forward in the development of our global strategy , explains Axel Theis, Chief Executive Officer of AGCS
Best's view that AGCS
AG and AGCS
France are an integral part of the strategy of their ultimate parent company, Allianz Societas Europaea (Germany) (Allianz SE).
The stand alone risk-adjusted capitalisation of AGCS
AG is likely to remain strong in 2009, underpinned by significant equalisation reserves.
Best expects that further entities and portfolios of Allianz SE will be integrated into this platform in an effort to transform AGCS
into Allianz SE's single primary risk carrier for corporate and specialty risks.
Best expects that further entities and portfolios of the Allianz group will be transferred to AGCS
and integrated into this platform.
Best believes AGCS
has an excellent business profile as one of the leading global industrial insurers and specialty risks writers.