Press release -
Allianz unifies renewable power team to fulfil green growth ambition
Allianz Engineering, Construction & Power (EC&P) has brought its renewable energy experts into one team, with the ambition to grow its green power portfolio.
The cross-regional team of local underwriters will service brokers and customers working in the renewable energy sector.
The new structure, working from a single hub, will add valuable expertise, resilience and scale, aiding all Allianz’s interactions with its broker partners.
Renewable energy capacity in the UK is expected to triple from 49GW in 2021 to 152GW in 2035, driven mainly by wind and solar, according to GlobalData. Under government plans, solar capacity could reach up to 70GW by 2035, from 14GW currently.
Allianz, which was the first insurance member of Solar Energy UK, is committed to supporting the net zero transition by providing, among other things, risk transfer solutions and services in the renewable energy space. Its core underwriting appetite encompasses onshore wind, solar, hydro power and Short Term Operational Reserve (STOR), although it is also considering other renewable sources and emerging technologies and is looking forward to expanding that appetite.
The new structure of the Allianz renewable power team will complement the expert-led model where underwriters are specialists rather than generalists.
Jonathan Oldfield, head of Allianz EC&P, Customer and Distribution, comments: “We believe this will best service the needs of our existing and future customers and enable us to fulfil our growth ambitions. We have the expertise, and we are looking forward to working even more closely with our broker partners to enable our customers to benefit from it.”
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About Allianz Holdings plc
Allianz Holdings plc is the non-regulated holding company which owns the principal insurance operations of Allianz SE in Great Britain including Allianz Insurance
About Allianz
The Allianz Group is one of the world's leading insurers and asset managers with 126 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 716 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage nearly 1.8 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2021, over 155,000 employees achieved total revenues of 148.5 billion euros and an operating profit of 13.4 billion euros for the group.
These assessments are, as always, subject to the disclaimer provided below.
*Including non-consolidated entities with Allianz customers.
** As of June 30, 2022
Cautionary note regarding forward-looking statements
This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz Group's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates, most notably the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions including and related integration issues and reorganization measures, and (xi) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
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