AGCS : Everything you need to know

About AGCS
Allianz Global Corporate & Specialty (AGCS) SE is a global corporate insurance carrier and a key business unit of financial services giant Allianz Group. Apart from property and casualty (P&C) insurance, the company offers risk consultancy and alternative risk transfer services through nine dedicated lines of business and six regional hubs – Asia Pacific, Central & Eastern Europe, Ibero/LatAm, London & Nordics, Mediterranean & Africa, and North America. 

The firm’s client base ranges from small enterprises to Fortune Global 500 companies, including the world’s largest consumer brands, financial institutions, and tech firms. AGCS operates in more than 30 countries through the Allianz Group Network and has partners in more than 200 nations and territories across the globe. It is also one of the biggest P&C units of the Allianz Group.

Products and services
AGCS offers a comprehensive range of corporate and specialty business insurance products and services tailored to risks and opportunities in different industries through its nine dedicated lines. These are:

• Alternative risk transfer: Provides innovative tailored insurance, reinsurance, and other non-traditional risk management products for a wide range of corporate and financial clients globally.
• Aviation insurance: Covers the full spectrum of aviation insurance solutions, from major fleets, manufacturers, and airports to private pilots, ground handlers and niche component makers.
• Energy & construction insurance: Offers customised solutions from initial construction through to the operational phase.
• Entertainment insurance: Helps clients with their global entertainment insurance needs, from the big screen to streaming, from festivals to arenas, and from motorsports teams and tracks to competitions and events.
• Financial lines insurance: Offers a suite of financial lines insurance solutions specifically designed to address the liabilities of companies, managers, and professionals in today’s increasingly litigious and demanding business world.
• Liability insurance: Provides a full range of modern corporate liability insurance, including general liability, product recall, crisis management, environmental impairment, and clinical trials coverage.
• Marine insurance: Covers all types of marine risk, from cargo and freight to ports and vessels.
• Property insurance: Offers tailor-made “all risks” property damage and business interruption insurance through its global network.
• SME insurance: Provides flexible protection, covering small to mid-sized businesses, specialist trades, and risks.

Leadership at AGCS

Thomas Lillelund – CEO and board member

Thomas Lillelund was appointed CEO of AGCS in 2025. He also leads Allianz Commercial, the integrated global model that serves commercial P&C clients across mid-sized businesses, large corporates, and specialty sectors. With over 25 years in the insurance industry, Lillelund brings executive leadership experience across Europe, the US, Asia, and Africa.

Before joining Allianz, he served as CEO of AIG for Europe, the Middle East, and Africa, and held senior roles at Aspen Re, Gen Re, and Swiss Re. 

Lillelund holds a bachelor’s degree in economics from The College of William & Mary in Virginia and an MBA from Western University in Canada. A Danish national, he is expected to strengthen Allianz’s commercial insurance footprint globally. Lillelund is based in Munich, Germany.

Culture at AGCS
Inclusion, diversity, and belonging is a core element of AGCS’s corporate culture. The firm values the importance of different perspectives and experiences and lives by the belief that inclusion is the essential ingredient to nurturing a diverse workforce. Because of this, the company has shifted its focus from awareness to allyship and advocacy. It implements a zero-tolerance policy towards discrimination and harassment. The company also encourages its staff to engage in employee resource groups, which cover many dimensions of diversity.

AGCS boasts net-zero business operations as well. This means “less paper consumption, less business travel, more green energy.” In line with this, the firm has established a dedicated ESG operations team to ensure that the company effectively contributes to the sustainability targets set out by Allianz Group. The team is tasked to create impact in key areas such as mobility, energy, offices, and IT. It is also responsible for building a strong connection among all contributing functions and the entire staff of AGCS for unified and industry-leading ESG activities. With regular “Green Weeks” across the company, AGCS plans to raise awareness and encourage all employees to engage and actively support its sustainability agenda.