Bermudian-based Allianz Global Corporate and Specialty has announced that David Brown, currently its head of Insurance Linked Markets, will take over as head of its Capital Solutions unit on the island.

The company said Mr Brown’s appointment is effective July 1, subject to regulatory approval.

He is to succeed his long-term colleague Richard Boyd, who is leaving Allianz and moving back to the United Kingdom from Bermuda for family reasons, the company said.

Mr Brown joined Allianz Risk Transfer in London in 2007 and moved to Bermuda as an underwriter in 2010. He became head of Insurance Linked Markets in 2015 and was appointed president of AGCS’ subsidiary, Allianz Risk Transfer (Bermuda) Ltd, last year.

Prior to AGCS, Mr Brown spent his early career at Marsh, where he focused on structuring alternative risk transfer and captive solutions.

The company said Mr Boyd joined what was then Allianz Risk Transfer in London in 2005, moving to ART Bermuda in 2008. He became head of Insurance Linked Markets in 2010 and then chief underwriting officer for ART globally in 2015, and subsequently global head of Capital Solutions.

Grant Maxwell, global head of Alternative Risk Transfer, said: “Richard and David have worked together for many years, and so while we’re sorry to see Richard move on to take his next career steps outside Bermuda, David is ideally positioned to take over from him, and to continue to build this important part of our business. I want to thank Richard for his great contribution to AGCS and we all wish him well in the future.”