Allianz has appointed Chris Townsend to the Board of Management in charge of Global Insurance Lines, taking over the role from Niran Peiris who is retiring on December 31 after more than 20 years with the insurer.

Mr Peiris served as Australia MD before taking up the board position at the start of 2018.

Mr Townsend will start on January 1 and his remit includes industrial arm Allianz Global Corporate & Specialty, credit insurance unit Euler Hermes, Reinsurance, Anglo Markets, Middle East and Africa.

He was most recently AIG’s International General Insurance CEO based in Hong Kong, a position he held for two years before quitting in January. He had rejoined the insurer in 2017 following a stint as President & CEO Asia for MetLife.

Prior to that he spent two decades with AIG in a number of high-profile roles, including Australia CEO and Hong Kong CEO.

Allianz says Mr Townsend’s appointment, which will run for a standard three years, is subject to regulatory approval.

Board of Management Chairman Oliver Bate says Mr Townsend is a “proven leader with thirty years of experience in the insurance business and a deep knowledge of a large range of different markets”.

Chairman of the Supervisory Board Michael Diekmann says the business has found a “very experienced” person in Mr Townsend who has enabled the insurer to form an “experienced, stable and diverse management team”.

The insurer thanked Mr Peiris for his contributions to the business. Mr Peiris joined Allianz Australia in 2000 and was appointed CFO two years later. He took over the MD role in 2013 following the retirement of Terry Towell.