Reiner Hagemann, a former director at German insurance giant Allianz, has been hired by Cerberus Capital Management, a New York-based real estate, hedge fund and private equity investor.

Hagemann, formerly in charge of Allianz's non-German insurance and a member of the management board, resigned from Allianz in September in protest over a restructuring of the group. Another board member, Detlev Bremkamp, also resigned over the restructuring plans.