Allianz Commercial caters to commercial property and casualty (P&C) insurance customers. Credit: mares90/Shutterstock.

French insurance major Allianz has announced leadership changes at AGCS and Allianz Commercial.

As part of the reshuffle, Petros Papanikolaou has been appointed as the new CEO of AGCS.

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Papanikolaou, who currently serves as Allianz’s CEO for Central Europe, will also take over as leader of Allianz Commercial.

He will replace Joachim Müller, who handled the establishment of Allianz Commercial and the turnaround of AGCS, the insurer said.

Allianz Commercial caters to commercial P&C insurance customers such as mid corporate, large corporate and specialty clients.

Subject to regulatory approval, the leadership changes will be effective from 1 January 2024.

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Since 2015, Papanikolaou has served as the CEO of Central Europe, overseeing the national operations of Allianz in 11 nations.

Before that, he held the position of Allianz Hellas CEO from 2004 to 2015 and was the general manager of life, sales and P&C business.

Papanikolaou began his career with EY as an auditor and held several financial management positions at AGF Kosmos before joining Allianz in 1998.

Allianz member of the board of management Chris Townsend 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 €1bn [$1.08bn] in operating profit as of this year, and Allianz has become one of the largest and most profitable insurance companies in the region.”

Last month, Allianz Direct, a pan-European online insurer, formed a partnership with ING in the Netherlands.