Allianz Global Corporate & Specialty (AGCS) Pacific CEO Holger Schaefer will become Asia-Pacific CEO of trade insurer Euler Hermes, an Allianz Group company.

Mr Schaefer, who will take up the new position in June, has held the Sydney-based AGCS role since 2010, and has been with Allianz since 1992.

He has previously served as head of underwriting corporate liability and head of sales and market management in Germany, and global head of market management in London, before relocating to Australia as country manager.

AGCS Dubai CEO Willem van Wyk will succeed Mr Schaefer as Head of AGCS Pacific.

Mr van Wyk joined Allianz as head of market management Australia in May 2008.

His successor in Dubai has yet to be announced. In the interim, he will remain responsible for Dubai, the Middle East and North Africa business activities.