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Allianz S.E. has named Kevin Leong as chief agent for Canada with Allianz Global Corporate & Specialty A.G., effective Aug. 1.
Mr. Leong is CEO of its Singapore branch, the insurer said in a statement Thursday. He will succeed Thomas Paap, who will become global practice leader for heavy industries and manufacturing within its property line of business.
Mr. Leong will relocate to Toronto, while Mr. Paap eventually will be based in Munich.
German insurer Allianz S.E.'s net income more than doubled from €492 million ($649.2 million) in the fourth quarter of 2011 to €1.22 billion ($1.6 billion) in the fourth quarter of 2012, driven by an unexpected rise in profit from property/casualty insurance, reports Irish Times.