Leadership change at Allianz Global Corporate & Specialty SE and Allianz Commercial

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.”

Petros Papanikolaou, who will succeed Joachim Müller as CEO of Allianz Global Corporate & Specialty SE with effect from January 1, 2024

Allianz Commercial is the center of expertise and global line of Allianz Group for insuring mid-sized businesses, large enterprises and specialist risks. Among our customers are the world’s largest consumer brands, financial institutions and industry players, the global aviation and shipping industry as well as family-owned and medium enterprises which are the backbone of the economy. We also cover unique risks such as offshore wind parks, infrastructure projects or Hollywood film productions. Powered by the employees, financial strength, and network of the world’s #1 insurance brand, we work together to help our customers prepare for what’s ahead: They trust on us for providing a wide range of traditional and alternative risk transfer solutions, outstanding risk consulting and Multinational services as well as seamless claims handling. Allianz Commercial brings together the large corporate insurance business of Allianz Global Corporate & Specialty (AGCS) and the commercial insurance business of national Allianz Property & Casualty entities serving mid-sized companies. We are present in over 200 countries and territories either though our own teams or the Allianz Group network and partners. In 2022, the integrated business of Allianz Commercial generated more than €19 billion gross premium globally.

These assessments are, as always, subject to the disclaimer provided below.

The Allianz Group is one of the world's leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 746 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.8 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.
* Including non-consolidated entities with Allianz customers.
** As of March 31, 2024.
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:
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