Allianz executive Oliver Bate is to take over as CEO from Michael Diekmann, who will step down after the group’s annual general meeting next May.

Mr Bate, who is also a board member, is contracted to run the insurer until September 30 2019.

He will continue managing the global property and casualty business until the May 6 meeting.

Mr Diekmann will stay on as Chairman of the Board of Management until the AGM.

Meanwhile, board members Gary Bhojwani and Clem Booth are to step down at the end of this year. Mr Booth has overseen Allianz Australia’s activities since 2006. Board member Manuel Bauer will take over responsibility for the Australian market from Mr Booth.

Sergio Balbinot and Axel Theis will replace them on January 1.

Mr Theis, who currently CEO of Allianz Global Corporate and Specialty (AGCS), will take charge of the global industrial insurance business, credit insurance and insurance business in Ireland and the UK.

AGCS CFO Chris Hirs will become CEO, and Allianz Head of CEO Office Nina Klingspor will move to AGCS CFO.