Allianz appoints Connie Nkosi as Senior Underwriter….Releases financial results for first half year 2020
Connie Nkosi
Allianz Global Corporate & Specialty (AGCS) appointed Connie Nkosi as a Senior Underwriter effective August 1, 2020 reporting to Head of MidCorporate in Africa Geoff Tanton.
She entered the insurance industry as an Insurance broker at Old Mutual Insure in 2008 and spent time at Marsh as a Placement Broker and at Telesure Group as a Commercial Underwriter.
Before joining AGCS, Connie was a Senior Placement Broker at Price Forbes. Connie’s educational background includes a Bachelor degree in Insurance and Risk Management and a Higher Certificate in Short Term Insurance from Milpark Education.
“I am pleased to welcome Connie to AGCS. We are confident that her expertise, track record and network having worked primarily in the broking market will enable us to continue expanding our Mid-Corporate line of business and contribute to the profitable growth of AGCS in the region,” says Head of MidCorp in Africa Geoff Tanton.
“I am delighted to join AGCS at a time when it is going through a comprehensive transformation program to regain profitability and market leadership in the corporate and specialty insurance segment. I am elated to join in and put my shoulders to the wheel to attain our goals. It is those who reinvent themselves, pivot and have a high agility quotient who will come out stronger in the end,” says Nkosi.
MidCorporate provides a wide range of insurance solutions for medium-sized businesses operating in manufacturing, health, retail, property, financial services and other industries.
Source: insurancechat.co.za
…Releases financial results for first half year 2020
Allianz Global Corporate & Specialty (AGCS) gross premium written increased in the first half of 2020 by €656 million to €5.520 billion (6M 2019: €4.865 billion). This increase is primarily driven by strong performance in the Capital Solutions line of business with higher premiums flows from capital market partners.
The premium volume is also supported by strong rate increases of 20.5% on average across the AGCS portfolio (renewal and new business), with strongest increases in Property and Aviation, followed by Financial Lines and Liability.
The combined ratio for 6M 2020 stands at 117.2% (6M 2019: 100.4%), largely attributed to already incurred as well as estimated anticipated Covid-19 claims of €488 million.
The unfavourable loss ratio development is mitigated by an improved expense ratio benefitting from top line increase, cost savings and reduced travel expenses. Excluding COVID-19 claims, which primarily come from the Entertainment line of business, the combined ratio would stand at 99.3%.
AGCS’ 6M 2020 operating loss of €295 million (6M 2019: profit of €185 million) is €481 million below prior year driven by lower underwriting result and investment income. Excluding the impact from the global pandemic, operating profit would be €213 million which is €28 million above prior year.
