The new appointments has enabled AGCS to offers stand-alone cover for terrorism and political violence
Allianz Global Corporate & Specialty (AGCS) has made two appointments to its crisis management team, enabling it to offer stand-alone cover on terrorism and political unrest for businesses with overseas locations.
The two new hires come from rival insurer Catlin. Björn Reußwig (pictured top right) has been appointed executive underwriter terrorism and is responsible for underwriting European terror risks.
Srdjan Todorovic (pictured bottom right) has been appointed as head of terrorism regional unit London and is responsible for the UK, Ireland, the Middle East, Australia and New Zealand.
AGCS plans to increase underwriting capacity for terrorism insurance in the US and Singapore later this year.
Reußwig and Todorovic report to Christof Bentele, AGCS head of global crisis management. Since his appointment in January, Bentele has been expanding AGCS’ crisis management department within its global liability line, combining activities relating to political risks, terrorism and political violence or product recall and contamination.
With immediate effect, AGCS will offer stand-alone cover against terrorism and political unrest for their overseas locations. AGCS’ terrorism insurance also protects against civil commotion (strike, riot and civil commotion) in politically unstable countries, which are often excluded in policies, according to the insurer. Additionally, protection against political violence, such as war or civil war, can be added as an optional cover component.
Bentele said: “In the past, it was often the case that in specific instances it couldn’t be clarified whether a claim was a result of terrorism, civil war or even war. To avoid insurers pinning the responsibility on each other, a company should bundle all of these risks into one policy.”
AGCS global head of liability Michael Hohmann said the insurer’s investment into its crisis management team reflects a global increase in terrorism and political violence risks: “Whether unrest, terrorism or war: political violence has returned to companies’ risk maps over the past few years with unimaginable force. Companies want to better protect their employees, their business and their assets.”
About the new team members
Reußwig is based in Munich. He worked as an underwriter for terrorism and political violence at Catlin Europe SE from 2005 to 2015, taking on various roles in Cologne, Munich and London. Prior to joining AGCS, he was employed by Catlin as a senior underwriter and was line manager for terrorism and special risk for mainland Europe. Reußwig is a certified insurance clerk in Germany and also a fellow of the Chartered Insurance Institute in London.
Todorovic is based in London and will work alongside his underwriting assistant Ian Humpries. Todorovic joined Catlin in London as an underwriter in 2007 starting in the credit insurance department before moving to terrorism and political violence. In 2010 he had a secondment to Singapore where he serviced the local terrorism account.
No comments yet