Allianz Announces Changes To Management, Supervisory Boards

German insurer Allianz SE (ALV.XE) Wednesday announced a number of personnel changes to its management and supervisory boards, which were decided at the supervisory board's meeting earlier in the day.

Allianz, Europe's largest primary insurer by market capitalization and premium income, named Maximilian Zimmerer as finance chief, effective June 1, 2012.

Zimmerer, 53, will succeed Paul Achleitner who signaled his availability to move into the Deutsche Bank AG (DB) supervisory board at the end of May. The bank intends to propose him for election as chairman of its supervisory board at the annual general meeting.

Zimmerer, who currently heads Allianz's German life insurance business, will also be in charge of Allianz's global life business.

With effect from Jan. 1, 2012, the supervisory board appointed Helga Jung, Gary Bhojwani and Dieter Wemmer to the management board.

Allianz also said its supervisory board has proposed former chief financial officer Helmut Perlet to the annual general meeting as a new member and will ask the AGM to elect him into the body. The current chairman of the supervisory board, Henning Schulte-Noelle, 69, won't be standing for re-election at the AGM, having reached the upper age limit.

-By Ulrike Dauer, Dow Jones Newswires; [phone]; [e-mail]