Industry veteran Karl Armstrong is leaving behind his role as executive general manager of NZI to step into a newly created role as chief risk officer to oversee reinsurance, risk assurance and compliance.
The statement outlines that the purpose of this role is “to focus on strategic and operational risk, support delivery against strong assurance processes, and ensure a sustainable business with a strong competitive advantage.”
Armstrong will begin this role effective 15 September 2014.
The statement says: “Mr Armstrong is one of the most experienced, respected, and credible senior leaders in the insurance industry in New Zealand.
“The appointment is a further step in his broad insurance career and one which will enable IAG to benefit from his depth of knowledge and insight into business risk.”
Taking over Armstrong’s EGM role is returning IAG executive Travis Atkinson who has spent the past couple of years as CEO for AmGeneral, a joint venture between Malaysia’s fifth largest banking group and IAG.
Atkinson led AmGeneral, which is one of Malaysia’s largest insurers providing a range of insurance through a multi-channel, multi-brand approach, through the integration of Kurnia insurance, Malaysia’s largest motor insurer.
Before leaving to work in Malaysia in 2012, Atkinson was EGM, Business Partners for IAG New Zealand.
His new role will also commence on 15 September 2014.
Read more about recent movement within IAG here:
Insurer defends its methods of merging
Insurer losing numbers in Australia and NZ
Breaking news: Insurer CEO steps down in shock departure
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