Following the reorganization of Allianz AG, soon to become Allianz SE, the Management Board will reflect the international nature of the Group after January 1, 2006, with members from Austria, France, Germany, Italy, South Africa and Sweden.

With effect from January 1, 2006, Clement B. Booth, who was born in Cape Town in 1954, will join the Management Board of Allianz SE. He will be responsible for the insurance markets of the UK, Ireland and Australia, the reinsurance business, Allianz Global Risks, Allianz Marine & Aviation and Allianz Risk Transfer.

The 51-year-old is currently CEO of Aon Re International, which accounts for some two thirds of the operations of Aon Re Global, the world's largest reinsurance broker.

From 1999 to 2003, Booth was a member of the management board of Munich Reinsurance Company AG, where his responsibilities included "Special & Financial Risks", Investor Relations and Strategic Planning. After joining Munich Re's African subsidiary, Munich Reinsurance Company of Africa Ltd, in 1986, he was its CEO from 1990 to 1998. He began his career in 1974 as an underwriter in the South African insurance industry.

Enrico Tomaso Cucchiani, CEO of Italian Allianz subsidiary Lloyd Adriatico since 1998, will assume - from January 1, 2006 - responsibility for the insurance markets of Italy, Spain, Switzerland, Austria, Portugal, Turkey and Greece and for the Sustainability Program across all property casualty businesses.

Cucchiani was born in Milan in 1950. He received its Doctorate in Economics from Bocconi University in Milan, carried out research work at Harvard and, as a Fulbright Fellow, received an MBA from Stanford University.

He began his career at a major US American bank and then worked with with McKinsey as a management consultant in Milan, London and New York, where he served major national and international financial institutions.

Prior to joining Lloyd Adriatico in 1996, he headed luxury conglomerate Gucci, and later set up a venture capital firm.

Jean-Philippe Thierry will be the Allianz SE Board Member responsible for the insurance markets France, Benelux, the Middle East, South-America, Africa as well as for Credit Insurance, Assistance and the Sustainability Program in the life insurance business.

Thierry, who was born in Paris in 1948, has been CEO of the French insurer AGF, also part of the Allianz Group, since 2001. He studied Economics and Politics at the renowned Paris Institute of Political Studies before beginning his career with Colgate Palmolive in 1973. From 1978, he held management positions in the French insurance industry at GPA Assurances, Athéna, the Worms and Cie Group as well as at Generali France, after which he joined AGF.

A European Company, formally known by its Latin name Societas Europaea (SE), is a legal entity governed by European law, the groundwork for which was put in place on October 8, 2004. One way of creating a European Company can be a cross-border merger of companies from more than one member state, like the planned merger between the German Allianz AG and the Italian Ras.

The SE status enables European players to be active in all EU member states without needing different legal structures. Entities in different EU states can be consolidated under one holding company or in several subsidiaries.

The future Allianz SE will be the first European Company in the Dow Jones Euro Stoxx 50.

As Allianz SE will be based in Germany, its structure will remain very similar to that of a German AG. This is particularly true since even after its conversion it will still have both a management board and a supervisory board.

In addition, even after it has become an SE, Allianz will continue to observe the German principle of worker participation based on equal representation. Workers' representatives will be drawn on its supervisory board from the whole of Europe.


As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer, provided on the right.