Allianz Commercial unveils new interim CEO

Allianz Commercial unveils new interim CEO | Insurance Business Canada

Insurance News

Allianz Commercial unveils new interim CEO

Member of the board of management takes the position until full-time successor is named

Insurance News

By
Grant Funtila

Allianz has announced that Petros Papanikolaou will assume the role of executive director of Group Strategic Initiatives at Allianz SE, effective September 1 – which means a change to the leadership of Allianz Commercial.

Papanikolaou will transfer his duties and responsibilities as chief executive officer of Allianz Commercial and AGCS SE to board of management member Chris Townsend, pending regulatory approval, according to a statement.

In a BestWire article, it was explained that Papanikolaou took over as chief executive officer of Allianz Global Corporate & Specialty SE on January 1, 2024, when he succeeded Joachim Müller. He also had additional responsibility for leading Allianz Commercial globally.

His career at Allianz began in 1998, where he held various financial management roles at AGF Kosmos. Papanikolaou also served as CEO of Central Europe for Allianz Group from 2015, overseeing Allianz’s operations in 11 countries. He was also previously CEO of Allianz Hellas from 2004 to 2015. Early in his career, Papanikolaou served as a general manager in life, sales, and property/casualty business and as an auditor at EY, the company said in a previous statement.

Meanwhile, Townsend, who will temporarily fill Papanikolaou’s role, has over 34 years of industry experience. Prior to joining Allianz’s board of management in 2021, Townsend was CEO International at AIG, where he managed all general insurance business outside the US, and CEO of MetLife Asia, where he served on the global executive committee.

Currently, Townsend is a member of Allianz SE’s board of management, overseeing global insurance lines, reinsurance, Anglo markets, the Middle East, and Africa. He also serves as chairman of the supervisory board of Allianz Global Corporate & Specialty SE and holds non-executive director positions at other Allianz Global Group companies.

Underwriting entities of Allianz SE have current Best’s Financial Strength Ratings of A+ (Superior) and A (Excellent).

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