Munich Re’s Ergo lures Allianz chief
The chief executive officer (CEO) of Allianz Deutschland, Markus Rieß, has joined Munich Re to head up its primary insurance arm, Ergo, as chairman.
The reinsurer said that it was currently in advanced talks with Rieß who currently chairs the board of management of Allianz Deutschland.
He succeeds Torsten Oletzky, who will depart at the end of the year. Oletzky was appointed to Ergo’s board of management in 2004 and became chairman of the board in 2008.
Nikolaus von Bomhard, chairman of Ergo's supervisory board and CEO of Munich Re, said: "Torsten Oletzky leaves an enduring legacy as chairman of Ergo's board of management. Combining the operations of once autonomous companies under the ERGO brand has already proved to be a lasting success. On behalf of Ergo's supervisory board, its board of management and all members of staff, I sincerely thank him for his commitment and wish him all the very best for the future.
“Markus Rieß, who has impressively demonstrated his managerial capabilities at the helm of Germany's market leader, will be a worthy successor as chairman of Ergo's board of management. The time has come to reflect the integration of Munich Re's various business fields by establishing Ergo's presence on its parent company's board of management."
