Allianz Insurance: international trading
How do you get to be the largest property insurer in the world? In the case of Allianz AG, it was a relatively modest start by Carl von Thieme and Wilhelm von Finck, who set up shop as insurers in Berlin in 1890. The road to international standing began just a few years later with their opening of a branch in London before the close of the century.
Following the confusion and disruption to business during the Second World War, Allianz set up its headquarters in Munich, from where it developed new markets in France in the 1950s and Italy during the 1960s. By the 1970s, the company was poised for expansion into the international insurance markets of Spain, Brazil, the United States, Holland, Spain, Brazil and the United Kingdom. In the UK, it acquired Cornhill Insurance in 1986.
This did not mark the end of Allianz's designs on international markets, however. During the 1990s, the company expanded its trading operations not only into Hungary, but also seven other Eastern European countries. During the same period it also acquired an American company, the Fireman's Fund, and further important holdings in France. Soon after, Allianz expanded into several Asian markets and established a foothold in Australia with its acquisition of that continent's Manufacturers Mutual Insurance.
All in all, therefore, this originally German conglomerate has grown into a truly international trading operation. With the breadth and diversity of a global business, however, there remain the entirely local strengths of insurance - as in the case of Allianz's acquisition of Cornhill Insurance in the UK, for example.
Allianz landlords insurance
It is the combination of this international reach, with an ingrained understanding of particular, local conditions on the ground that continues to inform the company's refinement of particular products.
Nowhere might this be more relevant than in the cover Allianz is able to offer to landlords in the UK. Branded under the insurer's Complete Property Owner products, at the time of writing (June 2013) the cover typically offers:
- cover designed to protect the property portfolio of practically any landlord - from a single buy to let property right up to a whole group of residential units (up to a maximum of 20 such properties) - up to a potential maximum of £10 million (protecting the buildings and contents alike);
- cover for loss or damage to the fabric of those buildings and their contents;
- indemnity for property owners liability - in the event of members of the public or your tenants suffering personal injury or loss or damage to their property - up to £2 million, with the option of increasing this level of cover to up to a maximum of £10 million;
- legal costs and expenses - incurred in the pursuit of a single claim up to £100,000 or, depending on the nature of your claim, or claims a total of up to £1 million during any insured term.
In sum, therefore, Allianz landlords insurance may offer the cover you need whatever your particular portfolio of let properties.
Do note that these sums insured may be liable to change and are current as at June 2013. Always check the policy features, benefits and sums insured of any policy you are considering.