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.