| | OCTOBER 20248IN FOCUSAllianz Global Corporate & Specialty SE (AGCS) has announced the appointment of Thomas Lillelund as its new Chief Executive Officer, effective early 2025, pending regulatory approval and the completion of his current professional commitments. Lillelund will also oversee Allianz Commercial, managing the company's global commercial property and casualty (P&C) insurance segment, which includes mid-corporate, large corporate, and specialty clients.This announcement comes on the heels of recent leadership changes within Allianz. In August, Petros Papanikolaou transitioned to the role of Executive Director of Group Strategic Initiatives at Allianz SE, stepping down from his positions as CEO of Allianz Commercial and AGCS SE. Chris Townsend, a member of the Allianz board of management, has been appointed as interim CEO of both AGCS SE and Allianz Commercial until Lillelund officially assumes the role.Lillelund, a Danish national, brings over 25 years of international experience to his new position. Currently serving as CEO of AIG Europe, Middle East, and Africa, Lillelund has previously held senior roles at Aspen Re, Gen Re, and Swiss Re. His extensive experience spans multiple regions, including Europe, the UK, South Africa, Singapore, Hong Kong, and the United States. Lillelund holds a bachelor's degree in economics from The College of William & Mary and an MBA from Western University in Canada.Townsend, who steps in as interim CEO, has a wealth of experience with over 34 years in the industry. Prior to joining Allianz's board in 2021, Townsend was CEO International at AIG, where he led the general insurance business outside the US, and CEO of MetLife Asia. He will continue in this interim role until Lillelund's official start.Townsend expressed enthusiasm for Lillelund's upcoming leadership, highlighting his strong track record in driving profitable growth, fostering client-centric cultures, and building high-performing teams. "I'm looking forward to working with him and the talented team at Allianz Commercial to further enhance our integrated approach for large corporate, mid-corporate, and specialty customers worldwide", Townsend stated.Papanikolaou, who took over as CEO of AGCS in January 2024 following Joachim Müller, will now concentrate on Allianz's group-wide strategic initiatives in his new role. His leadership during the transition has been crucial in maintaining continuity in Allianz's commercial insurance operations. ALLIANZ APPOINTS THOMAS LILLELUND AS NEW CEO OF AGCS
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