Allianz appoints Lillelund as AGCS CEO

Allianz Global Corporate & Specialty SE (AGCS) has announced that Thomas Lillelund (pictured above) will join the company as CEO in early 2025, subject to regulatory approval and the completion of his current commitments.

In his new role, Lillelund will also lead Allianz Commercial, overseeing the company’s global commercial property and casualty (P&C) insurance segment, which includes mid-corporate, large corporate, and specialty customers.

This announcement follows the recent transition of leadership within Allianz. In August, Allianz appointed Petros Papanikolaou as executive director of Group Strategic Initiatives at Allianz SE.

Papanikolaou transferred his duties as CEO of Allianz Commercial and AGCS SE to Chris Townsend, a board of management member, who will serve as interim CEO until Lillelund’s appointment.

Lillelund, a Danish national, brings more than 25 years of international experience to Allianz. He is currently CEO of AIG Europe, Middle East, and Africa and has held leadership positions at Aspen Re, Gen Re, and Swiss Re, working across multiple regions including Europe, the UK, South Africa, Singapore, Hong Kong, and the United States.

He holds a bachelor’s degree in economics from The College of William & Mary in Virginia and a master’s degree in business administration from Western University in Canada.

Townsend, who has stepped in as interim CEO, has over 34 years of industry experience. He joined Allianz’s board of management in 2021 after serving as CEO International at AIG, where he managed the general insurance business outside the US, and as CEO of MetLife Asia. Townsend will continue in this interim role until Lillelund officially takes over.

In a statement, Townsend welcomed Lillelund to the company, noting his strong track record in driving profitable growth, fostering client-focused cultures, and building high-performing teams.

“I’m looking forward to working with him and the talented team at Allianz Commercial to further drive our integrated approach for large corporate, mid corporate, and specialty customers worldwide,” Townsend said.

Papanikolaou, who took over as CEO of AGCS in January 2024 following Joachim Müller, will now focus on group-wide strategic initiatives in his new executive role. His leadership during the transition period has been instrumental in ensuring continuity for Allianz’s commercial insurance operations.

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