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Allianz unit considers NZ exit, Australian retreat

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Allianz Global Corporate & Specialty (AGCS) could pull out of New Zealand, and is reviewing its long-tail business in Australia.

The review in Australia relates only to AGCS financial lines and liability divisions, which focus on large corporate business.

AGCS property, energy, engineering and entertainment, and Allianz Australia’s commercial portfolios are unaffected.

However, the New Zealand review involves all AGCS operations in the country. The company says it is working with affected teams to determine “the future direction” of portfolios.

“More information will follow in coming weeks, in a step by step process, following a statutory consultation period and the completion of this review,” a spokesman for AGCS told insuranceNEWS.com.au.

“In the meantime, all underwriting divisions will operate on a business-as-usual basis and AGCS will continue to support its customers through their claims and underwriting teams based in Australia and New Zealand.”

As previously reported by insuranceNEWS.com.au, Allianz has already cut three major commercial insurance lines from its New Zealand operations.

The insurer will exit property, commercial motor & fleet, and public & product liability – all currently underwritten and distributed by the Allianz Broker & Agency division.