Chris Fischer Hirs, Allianz CEO, says he welcomes the growing participation of Wall Street in the insurance industry as an opportunity, not a threat. (Source: Allianz Global Corporate & Specialty)

(Bloomberg) — Chris Fischer Hirs, the head of Allianz SE’s specialty insurance business, said he welcomes the growing participation of Wall Street in the insurance industry as an opportunity, not a threat.

“Hedge funds bring capacity to the market,” Fischer Hirs said in an interview in Rio de Janeiro Wednesday. “Do they bring expertise? No. And what are we good at? We’re good at underwriting risk.”

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