German insurer Allianz SE, a stakeholder in Hartford Financial Services Group Inc., said today it will launch a new internal consulting division to better assess the current financial crisis.
The Munich-based company said the new division will combine economic research and strategic development under one roof.
Assessing the current financial crisis is one of its first tasks. The division will also study global economic scenarios, international financial market trends, insurance and asset management markets.
In October, Allianz invested $2.5 billion to shore up the capital base of The Hartford, then struggling with huge claims and investment losses.
Allianz said it also set up a fellowship program through which scholars could work with the new division.
“Thanks to this unique combination of research and strategic development, we are creating a completely new form of strategic consulting that is truly singular in the insurance business,” said Michael Heise, the chief economist and head of the new division. (AP)
