Insurance and asset management giant Allianz Group has named GroupM its global media agency. The assignment is a retention for GroupM’s EssenceMediacom unit, which has been handling Allianz media in nine markets including the U.S., but GroupM agencies pick up 20 additional markets as part of the win.

Mindshare will handle about two-thirds of the markets, while mSix&Partners will support Allianz in Germany, where it is headquartered.

Omnicom’s, Publicis’ and Jellyfish were among the incumbent agencies.

The account bills about $240 million in media, according to the most recent data from COMvergence.

According to GroupM post on its website, it was selected for business because of its ability to coordinate effective and consistent media performance globally while also delivering deep market-level expertise to help local teams navigate market-level complexity.

Dr. Christian Deuringer, Head of Global Brand Management & Marketing at Allianz SE said: “With the new partnership, we are able to deploy our One-Brand strategy perfectly and connect with our customers in an even more relevant way across the entire customer journey. The new set-up combines the strengths of globally managed strategies with tailored roll-outs in local markets. We also expect significant synergies through more standardized processes and performance measurement.”

Adam Gerhart, Global CEO for Mindshare noted that millions of people around the world trust Allianz to safeguard their futures for good reason. “We’re excited to have the opportunity to help such a respected brand and responsible company harness the power of media to unlock new levels of growth, engagement, and marketing performance.”