Allianz SF accepts 4 board members’ resignations, appoints new ones

Logo of Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF)

Allianz Saudi Fransi Cooperative Insurance Co.’s (Allianz SF) board of directors approved yesterday, April 17, the resignation of four board members and the appointment of new ones.

The resigned board members are Anuj Agarwal (executive), Mohamed Amine Benabbou (non-executive), Patrick Thiels (non-executive), and Mohammed Mallawi (non-executive), according to a statement on Tadawul.

Allianz SF explained that the four members resigned following the completion of Abu Dhabi National Insurance Co. PJSC's acquisition of Allianz SE's indirect stake in the company, which accounts for 51% of the company's share capital.

The resignations are effective April 17, the statement added.

The four newly appointed members are Charalampos Mylonas (executive), Husam Mansour (non-executive), Jugal Madaan (non-executive), and Stefano Nalin (non-executive).

Mylonas is currently ADNIC’s CEO. He has extensive practical experience in actuarial science and the insurance field. Mylonas holds a bachelor's degree in mathematics from the National and Kapodistrian University of Athens (NKUA) and a master's degree in actuarial science from the City, University of London.

Mansour is currently the Executive Vice President (EVP), Chief Human Resources Officer, and Corporate Affairs at ADNIC. He holds a bachelor's degree in IT from the Philadelphia University in Jordan and a master's degree in business administration and human resources from the University of Wollongong in Dubai.

Madaan currently serves as EVP, Chief Underwriting, and Strategic Accounts Officer at ADNIC. He holds bachelor's degrees in economics and law from Chaudhary Charan Singh University (formerly, Meerut University) and a master's degree in business administration, specializing in finance, from the Indira Gandhi National Open University (IGNOU).

Nalin currently holds the position of EVP for Business Development Affairs at ADNIC. He holds a bachelor's degree in engineering from the University of Padova, Italy.

The statement referred to the Insurance Authority’s (IA) approval on Feb. 21 on the previous appointments, indicating that the approval is not final, as these appointments are pending the approval of the upcoming general assembly.