Allianz Global Corporate & Specialty is expanding its alternative risk transfer business to the Asia-Pacific region, and has appointed Richard Green to run the Singapore-based unit.

The insurer says it has seen an increase in demand in the region, as large companies try to assume control over their risk management and transfer.

The business handles risks that cannot be covered by traditional markets.

Mr Green was previously head of financial risk products for Asia at Marsh Australia.

He will be responsible for the new alternative risk transfer business line, plus capital solutions in Asia. He will also develop and execute the global strategy.

Allianz Global Corporate & Specialty recently reorganised its alternative risk business line into two teams: the insurance-linked markets teams rebranded as a standalone business line labelled Capital Solutions, while the remaining practice groups for corporate solutions, reinsurance and climate solutions will continue under Alternative Risk Transfer.

Regional CEO Mark Mitchell says it is the right time to build a dedicated team amid increasing regional demand for alternative risk transfer solutions.