AGCS launches dedicated ESG division

Allianz Global Corporate & Specialty (AGCS) has established a dedicated in-house organisation for Environmental, Social & Governance (ESG) activities including several high-level leadership roles and appointments.

Gabrielle Durisch will join AGCS from Zurich Insurance Group in April 2023 as the new Global Head of ESG & Sustainability Solutions.

Ralf Heintges was appointed global head of ESG & Sustainability Governance in September 2022 and oversees the decarbonisation of AGCS’s own insurance portfolio over the coming decades in line with Allianz Group’s membership in the UN-convened Net Zero Insurance Alliance (NZIA).

AGCS chief underwriting officer Specialty Renate Strasser comments: “Our new ESG organisational set-up is now fully rolled out. We see this new business area as a priority for growth, focused on delivering impact and accelerating the path to a net zero world.

”Led by Gabrielle, Ralf and Katja we will drive engagement for sustainability topics across all our underwriting lines, Allianz Risk Consulting and core business functions. We will partner with our customers on their low-carbon transition, supporting them with new products and services and helping them mitigate increasing climate risk.

”The transition to a net zero economy can only be achieved in partnership and we are committed to do our part, together with our customers and supporting the climate partnerships of Allianz Group.”

Expanding support for hydrogen and other renewables

Managing ESG topics in underwriting, Durisch and Heintges both work for AGCS chief underwriting officer Specialty Dr Renate Strasser who assumes responsibility for all underwriting related ESG activities of AGCS.

As AGCS’s head of ESG Operations since July 2022, Katja Oristanio ensures that AGCS will effectively contribute to the ambitious Allianz Group targets for net zero operations by 2030 in its own business.

AGCS is implementing Allianz Group underwriting guidelines for providing coverage for fossil fuel sectors such as coal-based businesses (introduced in 2018) and, most recently, the oil and gas industry (April 2022).

The insurer is committed to further expand its support for companies and projects in the renewable energy and green tech segment, for example for the fast-evolving hydrogen technology.