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French insurance coverage main Allianz has introduced management modifications at AGCS and Allianz Business.
As a part of the reshuffle, Petros Papanikolaou has been appointed as the brand new CEO of AGCS.
Papanikolaou, who at the moment serves as Allianz’s CEO for Central Europe, may also take over as chief of Allianz Business.
He’ll exchange Joachim Müller, who dealt with the institution of Allianz Business and the turnaround of AGCS, the insurer mentioned.
Allianz Business caters to industrial P&C insurance coverage prospects akin to mid company, giant company and specialty shoppers.
Topic to regulatory approval, the management modifications will probably be efficient from 1 January 2024.
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Since 2015, Papanikolaou has served because the CEO of Central Europe, overseeing the nationwide operations of Allianz in 11 nations.
Earlier than that, he held the place of Allianz Hellas CEO from 2004 to 2015 and was the overall supervisor of life, gross sales and P&C enterprise.
Papanikolaou started his profession with EY as an auditor and held a number of monetary administration positions at AGF Kosmos earlier than becoming a member of Allianz in 1998.
Allianz member of the board of administration Chris Townsend mentioned: “Together with his broad worldwide management expertise throughout the P&C enterprise, mixed together with his confirmed observe report of execution, Petros Papanikolaou will be capable of totally implement and drive our world built-in technique for the advantage of Allianz Business prospects and companions.
“Beneath his management, our Central Europe area is anticipated to achieve €1bn [$1.08bn] in working revenue as of this yr, and Allianz has turn into one of many largest and most worthwhile insurance coverage firms within the area.”
Final month, Allianz Direct, a pan-European on-line insurer, shaped a partnership with ING within the Netherlands.
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