Former HSBC Insurance Head David Fried Joins Allianz Asia Pacific

David Fried, former chairman and chief executive officer of HSBC Insurance Asia Pacific, has joined Allianz Asia Pacific as regional CEO of the multiline German insurer, with responsibility for insurance growth markets.

Fried will be reporting to Manuel Bauer, board member of Allianz SE, and he succeeds Kamesh Goyal who will take over as head of group planning and controlling at Allianz. Fried's appointment will "lead Allianz's significant footprint in Asia to new heights" with his Asian insurance experience and markets knowledge, said Bauer in a statement.

In more than 20 years at HSBC Insurance, Fried held different roles in Asia, the United Kingdom and the Americas, including agency, life and nonlife business, underwriting and reinsurance, brokering, pensions and captive management. He had managed HSBC's insurance businesses in 54 countries. "There are tremendous growth opportunities in the emerging markets in Asia," said Fried.

The Asia-Pacific region is one of Allianz's three major growth regions, said the German insurance group. The company is active in 15 markets in the region, offering its core businesses of property/casualty, life and health insurance and asset management. Allianz has more than 21.5 million customers in the region, supported by more than 14,500 staff.

Despite of unprecedented level of natural catastrophes losses in the Asia-Pacific last year, Allianz said its underwriting in the region has good capital strength and will be ready to expand in the region's promising markets. The group mapped out a strategy for growth in the Asia-Pacific region through diversification in multiple lines and geographic coverage (Best's News Service, April 5, 2011).

(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)