Allianz Australia Appointment Of Managing Director

Online, October 9, 2012 (Newswire.com) - The Board of Management of Allianz SE and the Board of Directors of Allianz Australia Limited are pleased to announce that Niran Peiris has been appointed as the next Managing Director (CEO) of Allianz Australia Limited. Mr Peiris will commence his new role on 1 January 2013 following the retirement of Allianz's long-standing Managing Director, Terry Towell.

Mr Peiris currently holds the positions of Chief General Manager, Retail Distribution, and CEO of Allianz Australia Life Insurance. He joined Allianz Australia in 2000, before being appointed as Chief Financial Officer in 2002, a position he held until 2009. Prior to joining Allianz, Niran had over 15 years experience in insurance and finance.

"I congratulate Niran on his appointment. As a key manager of the company's Senior Management Team for over a decade, he brings a broad and deep knowledge of the business to the position of Managing Director," said Clement B Booth, the Member of the Board of Management of the global Allianz SE Group whose responsibilities include Australia.

John Curtis, Chairman of Allianz Australia Limited, said "the strong growth and performance of Allianz Australia under Terry's leadership is testament to his dedication, expertise and first-class management during his time as Managing Director. I thank Terry for his 14 years of exemplary service at the helm of Allianz Australia".

Mr Booth said "Terry has overseen the re-branding and transformation of the company from a mid-sized insurer into one of Australia's largest and best performing insurance brands".

Mr Towell, a 40-year veteran of the Australian insurance industry, will retire as Managing Director after more than a decade of highly successful leadership of Allianz Australia. Under his leadership, supported by an outstanding team of experienced executives, Allianz Australia has consistently ranked among the best performing businesses in any of the more than 70 countries in which Allianz operates.

Mr Towell said "during my time at Allianz, I have sought to develop a high-performance culture and create a talent pipeline of future managers and leaders so that high quality internal candidates are available for all senior positions in the business. I congratulate Niran and am confident he will provide the leadership required for the continued growth and success of Allianz Australia".

Mr Peiris said "Terry Towell has presided over the cultural transformation of Allianz Australia into a truly customer-focused and high-performance company. I look forward to the challenge of continuing and building on his legacy over the years ahead".