Allianz Life Insurance Company of North America has named Carsten Quitter as the new chief investment officer.

In this role, Quitter is responsible for investment management, liquidity planning, hedging and trading the insurance assets for Allianz Life, Allianz Fireman’s Fund, Allianz Global Corporate and Specialties (AGCS) and Allianz Mexico.

Quitter replaces Axel Zehren who has taken a new position with Allianz Investment Management at parent company Allianz SE in Munich.

Most recently, Quitter was chief investment manager and head of risk management for Allianz in Switzerland, responsible for assets under management of more than 20 billion Swiss francs.

Quitter joined Allianz Switzerland in 2005 as head of asset liability management.

Prior to joining Allianz, Quitter spent eight years with Swiss Re in a variety of executive positions including managing director and COO of new markets.