Paul Achleitner has been appointed finance director at German insurer Allianz.

The announcement prompted a six per cent rise in the share price, adding four billion euros to its share value.

The markets expect acquisitions on the back of the announcement.

Achleitner, a Goldman Sachs banker, is a specialist adviser in mergers and acquisitions.

One rumour doing the rounds is that Allianz is looking to tie in with Societe Generale, in which CGU has a substantial stake. Another is that Allianz may team up with another continental insurer to make an out right bid for CGU.

Achleitner joins Allianz in January.