Allianz Holdings has appointed Laurence Townley (pictured above) as chief actuary for its UK business.

Townley steps into his new role after over 10 years as director of financial risk at Direct Line, where his key achievements included setting up financial risk functions, internal model approval, and advising the board risk appetite, model validation and climate change scenario modelling. Prior to this, he held several roles at Zurich Insurance UK, including chief actuary. He is also a fellow of the Institute and Faculty of Actuaries.

Additionally, Townley chaired the prudential regulation committee at the Association of British Insurers (ABI) for nearly five years. In this role, he oversaw regulatory matters such as Solvency 2 and regulatory framework reviews.

“As ever, and more so in these challenging times, it’s crucial for businesses to have clear leadership and ambitious targets and I have no doubt the expertise and experience Laurence is bringing to Allianz will aid our future success,” said Fernley Dyson, chief financial officer at Allianz Holdings. “I’d like to extend a warm welcome and I look forward to working with him.”