French insurance coverage main Allianz has introduced management adjustments 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 presently serves as Allianz’s CEO for Central Europe, can even 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 business P&C insurance coverage prospects akin to mid company, giant company and specialty purchasers.

Topic to regulatory approval, the management adjustments can be efficient from 1 January 2024.

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 final 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 monitor document of execution, Petros Papanikolaou will have the ability to absolutely implement and drive our world built-in technique for the good thing about Allianz Business prospects and companions.

“Below his management, our Central Europe area is predicted to succeed in €1bn [$1.08bn] in working revenue as of this 12 months, and Allianz has change into one of many largest and most worthwhile insurance coverage corporations 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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