Chris Fischer Hirs the Chief Executive Officer of Allianz Global Corporate & Specialty (AGCS), Allianz Group’s specialist carrier for corporate insurance business, has reportedly departed suddenly from the firm.
The news was first reported in Germany by Herbert Frommes Insurance Monitor, with speculation surrounding the precise reason for the departure.
Update: Allianz AGCS has now confirmed that Joachim Müller will replace Chris Fischer Hirs as CEO.
Fischer Hirs was reportedly under contract until 2020 with Allianz AGCS.
He has worked in the Allianz AGCS group for more than two decades, having joined the company in 1999. He worked his way up with a focus on alternative risk transfer for corporate clients to then lead alternative risk transfer for the company, before becoming its Group CEO in 2015.
Reports have highlighted the performance of the AGCS unit suggesting this could be a reason for the change at the top.
Parent Allianz has reported a dip in property and casualty profitability in the second and third quarters of this year.
Given the suddenness of the departure of Fischer Hirs no replacement is lined up, it has also been reported, leaving the company with the job of finding a suitably senior executive to fill the role.
An AGCS spokesperson would not comment on the reported news, but sources have confirmed Fischer Hirs likely departed towards the end of last week.
