Waller has been DrKW head of corporate communications since 2003 and runs a global team of 25. He has also acted as Allianz's London spokesman but will relocate to its headquarters in Munich on 1 February.
He replaces Richard Lips, who has himself replaced Commerzbank director of corporate communications Ulrich Ramm, who retired last month.
DrKW media relations directors Louise Beeson and Rowan Staines will take joint responsibility for media relations. DrKW head of internal comms Beverley Peck remains in London as acting head of marketing.
Waller joined DrKW from CardewChancery, which was created in 2002 through the merger of Cardew & Co with Waller-founded Chancery Communications.
Prior to moving into PR he was a Financial Times correspondent for eight years.
Waller's move is part of a merger of corporate and investment banking, both of which will now come under his remit.
Allianz is Europe's largest insurer and the world's fourth largest financial services firm. It bought Dresdner Bank for £16bn in 2001 to obtain DrKW, Dresdner's investment banking arm.