Head of Allianz's German Unit to Take Helm at Ergo Group

   By Ulrike Dauer 
 

FRANKFURT--The chief executive of Allianz SE's (ALV.XE) German operations, Markus Riess, is leaving the company, effective immediately, to become chief executive of Germany's Ergo Group, the primary insurer of reinsurer Munich Re AG (MUV2.XE) in October, both companies said Friday.

Allianz Deutschland, which is Allianz's biggest insurance unit, on Friday appointed Manfred Knof, 49 years old, to succeed Mr. Riess, 49. Mr. Knof, who joined Europe's biggest primary insurer in 1995, currently heads the group's Central and Eastern Europe business division.

Allianz said Mr. Riess is leaving at his own request. He had been one of the top candidates for becoming chief executive of Allianz SE, a position that will be assumed by designated CEO Oliver Baete on May 7, one day after the group's annual shareholders meeting.

Mr. Riess will take the helm of Ergo on Oct. 1 and will then also join the management board of parent Munich Re, the world's largest reinsurer said. The current chief executive of Ergo, Torsten Oletzky, will leave the company at the end of the year. Mr. Oletzky has headed Ergo since 2008.

Write to Ulrike Dauer at [e-mail]

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