People Moves: Papanikolaou to Succeed Mueller as AGCS CEO and Will Lead Allianz Commercial; May Promoted to CEO of Lloyd’s Europe as Breitburd Steps Down

This edition of International People Moves details appointments at Allianz Global Corporate & Specialty SE (AGCS) and Lloyd’s Europe.

A summary of these new hires follows here.

Papanikolaou to Succeed Mueller as CEO of AGCS and Will Lead Allianz Commercial

Allianz Global Corporate & Specialty SE (AGCS) announced leadership changes that will take effect from Jan. 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. 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 Mueller 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 expiration of his contract and will step down as CEO from Dec. 31, 2023.

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.

AGCS and Local Allianz P/C Entities Now Trading as ‘Allianz Commercial’

“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,” commented Chris Townsend, member of the Allianz SE Board of Management.

“Under his leadership, our Central Europe region is expected to reach €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 Mueller 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.”

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May Promoted to CEO of Lloyd’s Europe as Breitburd Steps Down

Lloyd’s, the insurance and reinsurance marketplace, announced that Jonathan May, currently chief financial officer and chief operations officer for Lloyd’s Europe will become Lloyd’s Europe CEO on Jan. 1, subject to regulatory approval, following the departure of Amélie Breitburd on Dec. 31, 2023.

May is currently a member of the Board of Directors and Management Committee of Lloyd’s Europe – and has played a key role in helping to establish the foundational strength of Lloyd’s European business.

Having begun his career with Ernst & Young, May joined Lloyd’s in 2006 and has a wealth of experience in leadership roles across the Corporation of Lloyd’s, including CFO and COO for the Greater China region, Asia Pacific Regional CFO, Lloyd’s global CFO and global COO, leading the finance and operations across Lloyd’s international network.

Breitburd was appointed CEO of Lloyd’s Europe, operating from Brussels, in April 2021. During her tenure, Lloyd’s European subsidiary has gone from strength to strength, securing its position as the platform of choice for European specialty commercial risk solutions, Lloyd’s said.

With May stepping up to the role of Lloyd’s Europe CEO, additional appointments were announced (subject to regulatory approval), including:

• Masumi Hashiguchi was appointed on Nov. 30 as CRO of Lloyd’s Europe
• James Davidson, currently LIC deputy CFO, is appointed CFO, and on an interim basis, LIC COO, effective from 1 January 2024. In line with his new role, James will join the LIC Management Committee and board, subject to shareholder approval.
• Benoit Waltregny is appointed LIC deputy CEO, alongside his current role as LIC General Counsel.

“Lloyd’s Europe has been a great success story during Amelie’s tenure. We could not have hoped for a more positive profile across all stakeholder groups as Lloyd’s Europe grew to be a valued member of the European insurance and reinsurance family,” commented Patrick Tiernan, Lloyd’s Chief of Markets

“During her time as CEO, Amelie has both solidified the European platform and built trust and confidence with customers, brokers and carriers,” he added.

“The future is very exciting for Lloyd’s Europe as Amelie hands over the leadership to Jonathon as CEO and Benoit as Deputy CEO. I wish Amelie every success in her future career and thank her for her commitment to Lloyd’s.”

Topics Commercial Lines Excess Surplus Europe Lloyd's Allianz