Allianz acquires AIM Underwriting Ltd. in Canada

Allianz Global Corporate & Specialty North America, the corporate and specialty carrier of the Allianz Group in North America, has acquired AIM Underwriting Ltd. (AIM) in Canada.

Since its establishment in 1999, AIM, a managing general agent, has maintained a strong presence within the Canadian general aviation industry. It specializes in hull and liability coverage, with an estimated market share of 25% in those specialties.

During the past seven years, AIM has underwritten aviation risks on behalf of Allianz Global Corporate & Specialty North America.

“Acquiring AIM will enable us to expand our aviation business in Canada,” Wolfgang Schatz, the president and CEO of Allianz Global Corporate & Specialty North America, said in a press release. “This is part of our overall diversification strategy for North America to better serve the needs of our insureds by offering a wider range of products in Canada and in the US.”

AIM’s brand name will be unaffected by the acquisition, Allianz announced in a press release. AIM’s former owner, Peter May, and his team will remain in their roles and become part of the Allianz Global Corporate & Specialty North American team.