Allianz Global Corporate & Specialty SE set for new CEO

Allianz Global Corporate & Specialty SE set for new CEO | Insurance Business America

Insurance News

Allianz Global Corporate & Specialty SE set for new CEO

Executive has notable international leadership experience across the P&C business

Insurance News

By
Roxanne Libatique

Allianz Global Corporate & Specialty SE (AGCS) has revealed a host of leadership changes, pending regulatory approval, set to take place from January 1, 2024.

Among them, Petros Papanikolaou (pictured), current CEO of Central Europe for Allianz Group, will assume the role of CEO at AGCS. He will also take charge of Allianz Commercial, the integrated global model devised by Allianz Group to serve the commercial property & casualty insurance segment, encompassing mid corporate, large corporate, and specialty customers.

AGCS’ new CEO

In his current role since 2015, Papanikolaou has overseen Allianz’s national businesses across 11 countries in Central Europe. His earlier positions included CEO of Allianz Hellas from 2004 to 2015 and a general manager in the life, sales, and property & casualty business.

Before joining Allianz in 1998, Papanikolaou served in various financial management roles for AGF Kosmos and commenced his career as an auditor with EY. His educational background includes a postgraduate degree in business administration and management, a postgraduate degree in European studies from the Université Catholique de Louvain, and a bachelor’s degree in philosophy and literature from the University of Athens.

Chris Townsend, member of the Allianz SE board of management, said Papanikolaou’s extensive international leadership experience across the P&C business and his proven track record of execution will enable him to lead the company’s global integrated strategy to benefit Allianz Commercial customers and partners.

“Under his leadership, our Central Europe region is expected to reach EUR 1 billion in operating profit as of this year, and Allianz has become one of the largest and most profitable insurance companies in the region,” he said.

AGCS bids farewell to current CEO

Papanikolaou will succeed Joachim Müller, who, after steering the successful turnaround of AGCS and overseeing the launch and establishment of Allianz Commercial, has opted to explore opportunities outside of Allianz. Müller will step down as CEO effective December 31, 2023.

Townsend thanked Müller for his service and contributions to the company.

“I want to thank Joe Müller for his service to Allianz, especially for the successful transformation of AGCS and the establishment of the new Allianz Commercial integrated model. I wish him every success in his next career step,” he said.