Holger Schaefer has been named head of Asia Pacific for Euler Hermes, with Fabrice Desnos moving to head up the Northern Europe division.

Desnos currently heads Asia Pacific, but the change will be implemented on June 1. Schaefer is currently CEO of Allianz Global, Corporate and Speciality Pacific and he looks after Australia and New Zealand. He will move from Sydney to Hong Kong and report to Paul Overeem, part of the Euler Hermes management board.

He has been working at Euler Hermes’ parent company Allianz since 1985 and has held a variety of roles around Europe and Australia.

Desnos has been in his APAC role since 2012 and will succeed Ludovic Sénécaut in the Brussels-based role, with Sénécaut joining the management board. Desnos has been with Euler Hermes since 1996, working in positions in France and the UK.