Allianz Australia’s new MD Niran Peiris plans a “steady as she goes” approach when he takes over from Terry Towell on January 1.

“Terry Towell has presided over the cultural transformation of Allianz Australia into a truly customer-focused and high-performance company,” Mr Peiris said.

“I look forward to the challenge of continuing and building on his legacy over the years ahead.”

Mr Towell, who is retiring after 14 years as MD, has overseen the rebranding and transformation of the company from a mid-sized insurer “into one of Australia’s largest and best-performing insurance brands”, according to Clem Booth, the Allianz SE Group board of management member who oversees Australia.

Mr Peiris is currently Chief GM Retail Distribution. He joined Allianz Australia in 2000, and became CFO in December 2001, responsible for all financial functions including group actuarial, cash management and taxation.

Since 2009 he has also run Allianz Australia’s life business, which has revenues of $1.3 billion.