Allianz SE has reduced its board of management to nine members, with board member Manuel Bauer resigning by mutual agreement, the group confirmed today.
Bauer was responsible for Insurance Growth Markets, with his mandate originally due to expire at the end of 2015.
His responsibility will now be split up among Sergio Balbinot, who will cover Middle East, North Africa and India, Axel Theis will be responsible for Australia.
Central and Eastern Europe will be assumed by Werner Zedelius and Maximilian Zimmerer will become responsible for Asia.
Oliver Bäte, CEO of Allianz SE, will assume responsibility for the group-wide HR function.