Allianz SEannounced major changes to its board of management, as three veterans depart to make way for what the group’s chief executive called an “even more diverse, younger and more experienced” management team.

TheGermany-based multiple-line insurer said board veteransPaul AchleitnerandEnrico Cucchianihave been “released” from their contractual obligations. Achleitner, 55, will leave Allianz byMay 31, 2012and Cucchiani, 61, as ofDec. 21, 2011. This is in addition to the already-announced retirement ofJoachim Faberat the end of 2011, after having reached the management board’s age limit.

Achleitner had been responsible for finance, and Cucchiani for insurance operations inEurope,AfricaandSouth America

The newly named management board members, to be appointed as ofJan. 1, 2012, areHelga Jung,Gary BhojwaniandDieter Wemmer.Maximilian Zimmererwill join theAllianz SEmanagement board as ofJune 1, 2012.

Jung, 50, will be the first-ever female member of the group’s management board. She will be responsible for the insurance business inSpain,PortugalandLatin Americaalong with mergers and acquisitions, strategic participation and legal and compliance. She is now head of group mergers and acquisitions.

Chief ExecutiveMichael Diekmannsaid Jung “has performed exceptionally over the course of many years. She has been Mr. Achleitner’s right hand in all major transactions over the past 12 years. She knows the insurance business, has demonstrated her negotiation skills in countless situations, has an excellent network within the company and is highly respected.”

Diekmann added that the group’s board of supervisors is set to gain its second female member next spring, with the nomination ofStine Bosseto the 12-member board.Renate Koecher, 59, is currently the only woman on the board.

Bosse is CEO ofDenmark-based insurer Tryg Vesta Group A/S.

Bhojwani, 43, will take over Insurance USAfrom Jay Ralph. He is now CEO of Allianz Life USA.

Wemmer, 54, will joinAllianz Groupand be responsible for the Western European insurance activities exceptSpain,Portugaland the German-speaking countries. He will also be in charge of the global property/casualty department.

Zimmerer, 53, will take over Achleitner’s board responsibilities as ofJune 1, 2012, along with the global life department. Until mid-2012 he will continue as CEO ofAllianz Lebensversicherungand as a member of the board ofAllianz Deutschland.Oliver Baetewill assume responsibility for Investor Relations as ofJune 1, 2012, in addition to his present duties.

Allianz had seen investment impairments hurt its third-quarter results as net profit for the quarter fell to258 million euros(US$351.6 million) from1.3 billion eurosa year earlier (Best’s News Service,Nov. 11, 2011). Allianz reported931 million eurosin nonoperating impairments, mainly for investments and exposure to Greek sovereign debt.

Allianz said impairments in equity investments rose by695 million eurosfrom a year earlier, totaling715 million euros. Impairments to investments in Greek sovereign bonds totaled145 million euros.

Allianz SEcurrently has a Best’s Financial Strength Rating of A+ (Superior).

(By David Pilla, international editor, BestWeek: David.Pilla@ambest.com)