Allianz Commercial is celebrating the success of its cross-border insurance solution which launched in December last year.

The product has been so well received that Allianz is now ahead of its original three-year GWP target of £30 million, having achieved more than half of this figure in 2010 alone.

There are now more than 280 mid-corporate firms using the product, which provides property and casualty cover for UK companies who have additional European exposures, in 546 overseas locations.

During the past year Allianz has expanded the cross-border offering to a number of new territories, including Russia, Netherlands, Belgium, Australia, Hungary, Brazil, Argentina, Malaysia, Poland and Ireland. The product will also become available in China and India during 2011.

Designed to meet the needs of corporate clients who have an annual turnover of up to £350 million, there are two cross-border packages available:

• Enhanced Freedom of Services for UK businesses trading in the European Economic Area (EEA) – this policy provides insurance protection for risks within the EEA covered under a single UK insurance contract.
  
  
• Stand Alone Local Policy for companies with multiple overseas locations – local insurance policies underwritten where the risks are located via international Allianz network.

Commenting on the results, Steve Coates, head of property and casualty at Allianz, says: "We are delighted that our cross-border cover has been so well received. Allianz identified the need for a cost-effective and straightforward package for clients with overseas exposures and created the capability to meet this."

"As the largest property and casualty insurer in the world, we have the global network and financial stability that makes us a trusted partner for our clients. Allianz Commercial remains committed to the mid-corporate market and is now looking for ways to further enhance our proposition for 2011."

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