Munich Re and a division of Allianz Group are the latest insurers left preparing for new CEOs.
Munich Re said that CEO Nikolaus von Bomhard will step down as CEO and a member of the board of management as of April 26, 2017—the date of the reinsurer’s 2017 annual meeting. News of the CEO change came out of Munich Re’s March 15 supervisory board meeting.
Von Bomhard’s replacement has already been chosen: Joachim Wenning. His is a promotion from within; Wenning has been running Munich Re’s international life reinsurance business since early 2009. As well, he has also been Munich Re’s human resources point person since October 2013.
Munich Re’s supervisory board also extended Wenning’s position on the board of management—a slot he holds in his current executive role—through the end of 2021.
Over at Allianz Global Corporate & Specialty, Allianz Group’s specialist corporate insurer, news also broke that Art Moossmann will be stepping down as president and CEO of AGCS North America as of July 1 and giving up his board position on Dec. 31.
Moossmann has been with Allianz for 17 years and is credited with helping to build AGCS operations in North America. As well, Moossmann led the integration of the old Fireman’s Fund Insurance Co. into AGCS. While he will be giving up his executive roles through 2016, he’ll still help advise AGCS through the end of 2017.
Bill Scaldaferri will replace Moossmann, though he will continue as chief underwriting officer for specialty lines, with responsibility for the aviation, energy, entertainment and marine lines of business, as well as for Alllianz Risk Transfer.
Scaldaferri joined Allianz in late 1999, starting at Allianz Risk Transfer, where he held a number of different management positions including CEO. He became part of the AGCS board in 2012.
These latest CEO transitions follow a flood of property/casualty CEO changes that took place in 2015—more than 17 separate executive changes at regional, national and global carriers. Click here to read that story.
Sources: Munich Re, Allianz Global Corporate & Specialty