Allianz Life Names Risk and Security Veteran as New Chief Information Officer
March 17, 2016 by Dennis Gorski, managing editor-online, BestWeek: Dennis.Gorski@ambest.com
MINNEAPOLIS – Allianz’s North American life subsidiary has named a veteran risk and security management executive as the new chief information officer for its IT division.
In his new position, Douglas DeGrote will oversee the design of IT controls, risk and the overall security management strategy for Allianz Life Insurance Company of North America, according to a press statement.
DeGrote is also accountable for information security across Allianz Life and will partner with the company’s compliance area to oversee processes. He reports to Jeff Palm, chief information officer.
Prior to joining Allianz Life, DeGrote was the chief information security officer for Xcel Energy for more than four years. He led Xcel’s strategy and operations of the cyber security, disaster recovery and business process continuity programs, Allianz said. He also had been the chief information security officer with MoneyGram International, and held earlier positions with the National Marrow Donor Program, Midwave Corp. and Applied Communications of Minnesota, according to the statement.
Allianz Life is a wholly owned subsidiary of Germany’s Allianz SE, the world’s second-largest global insurance and asset management company, with 2015 assets of $927.6 billion, according to BestLink.
In 2015, Allianz Life generated $10.9 billion in net premium and $1.4 billion in net income, according to BestLink.
Allianz Life Insurance Company of North America has a current Best’s Financial Strength Rating of A+ (Superior).
