UK insurer Allianz Cornhill has announced a number of new growth initiatives and revealed that it will be changing its name as of next April.
Allianz Cornhill, which is part of the Allianz Group, plans to change its name to Allianz Insurance plc as of April 30, 2007, with the new brand set to be applied to most of the company’s businesses, including the commercial and personal lines products sold though the UK broker network.
Two parts of the company will keep their old name, however. The direct personal lines business will continue to operate under the Cornhill Direct brand, and the company’s Animal Health business will remain under the Petplan brand.
The Cornhill brand has served us well for over one hundred years, but it is now time to move on and, in an ever more international market, the Allianz brand will carry us into the next phase of the company’s development, Allianz Cornhill CEO Andrew Torrance commented.
In line with its expansion plans, Allianz Cornhill has also released details of its growth initiatives. In its personal lines division, for example, the company will focus on strengthening its presence in niche UK markets.
To this end, the company has already acquired Home and Legacy, a specialist distributor of household insurance for mid- to high-level net worth individuals. Home and Legacy will operate as an independent broker, separate from the rest of Allianz Cornhill’s personal lines business.
In its premier purchase operations, meanwhile, Allianz Cornhill aims to grow its business for small and medium enterprises (SMEs), which will be assisted by the company’s recent purchase of SME policies marketer Premierline.
For its property plans business, meanwhile, Allianz Cornhill recently hired a team to launch a new push for property owners’ business in London and South East England. With the new team on board, the company expects that premiums will exceed GBP100 million within three years.