Allianz Global Corporate & Specialty SE (AGCS) today announced leadership changes that will take effect from January 1, 2024, subject to regulatory approval.

Petros Papanikolaou, currently CEO of Central Europe for Allianz Group, will be appointed as the new CEO of AGCS. Mr. Papanikolaou will also assume leadership of Allianz Commercial, Allianz Group's integrated global model for serving the Commercial Property & Casualty insurance segment (Mid Corporate, Large Corporate and Specialty customers).  He will succeed Joachim Müller who, having led the successful turnaround of AGCS as well as the launch and setup of Allianz Commercial, has decided to pursue opportunities outside of Allianz upon the expiry of his contract and will step down as CEO from December 31, 2023.

Mr. Papanikolaou has been CEO of Central Europe since 2015, with responsibility for Allianz national businesses across 11 countries, prior to which he was CEO of Allianz Hellas from 2004 to 2015 and a General Manager in the Life, Sales and Property & Casualty business. Prior to joining Allianz in 1998, he served in a various financial management roles for AGF Kosmos and started his career as an auditor with EY.  He holds a postgraduate degree in business administration and management and a postgraduate degree in European studies from the Université Catholique de Louvain, as well as a bachelor's degree in philosophy and literature from the University of Athens.

Chris Townsend, Member of the Allianz SE Board of Management, said "With his broad international leadership experience across the P&C business, combined with his proven track record of execution, Petros Papanikolaou will be able to fully implement and drive our global integrated strategy for the benefit of 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. 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."