Allianz appoints Russian unit boss to lead Irish business

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Current CEO is retiring

Germany's Allianz is one of the biggest general insurers on the island of Ireland, with more than 700,000 customers.Germany insurance giant Allianz has named the head of its Russian business as the next chief executive of its Irish unit, succeeding company veteran Sean McGrath, who is retiring.

Allianz Ireland said that Mr McGrath, who has been with the company for the past 35 years, the last seven of which have been as CEO, will be departing at the end of March. The Carlow native started his career four decades ago with New Ireland Assurance. Phillip Gronemeyer, a German native who has been with Allianz for almost two decades, will be his successor, the company said in a statement. He joins from Allianz Russia where he has served as CEO since February 2019, leading its property and casualty, life and health operations.

Allianz agreed last June to sell a majority stake in its Russian operations to Interholding, the owner of Russia’s Zetta Insurance, as it sought to pare its footprint in the country after the invasion of Ukraine. It had already stopped accepting new business in Russia in the months before the deal and has flagged that it will take a €400 million financial hit from the transaction.

 

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