Allianz Life names new CEO

Allianz Life Insurance Co. of North America today promoted Walter White to chief executive, succeeding Gary Bhojwani. Parent company Allianz SE has elevated Mr. Bhojwani to its management board, where he now will oversee the U.S. property/casualty and life insurance businesses, effective Jan. 1. He will remain based in the U.S. Mr. White is Allianz Life’s chief administrative officer. In that capacity, he has overseen information technology and Allianz Life’s strategic operations. Allianz Life spokesman Paul Kelash confirmed Mr. White’s promotion. Mr. White’s background includes some experience on the securities side. Prior to joining Allianz in 2009, he was president of Woodbury Financial Services, The Hartford Financial Services Group Inc.’s independent broker-dealer. Previously, he was president of MONY Brokerage. Mr. Bhojwani’s elevation is part of a series of new additions to Allianz SE’s management board in light of the upcoming departures of finance chief Paul Achleitner, who will join Deutsche Bank AG’s supervisory board in May, and Enrico Cucchiani, who was chairman of Allianz’s Italian business and will helm Italian bank Intesa Sanpaolo SpA as its CEO. Maximilian Zimmerer will take over Mr. Achleitner’s board responsibilities on June 1. Allianz also named Helga Jung and Dieter Wemmer to the management board. Ms. Jung will oversee the insurance business in Spain, Portugal and Latin America, as well as mergers and acquisitions, and legal and compliance. Mr. Wemmer will cover insurance activities in Western Europe, exclusive of Spain, Portugal and German-speaking nations.