IAG appoints new chairman

Insurance Australia Group (IAG) has appointed Elizabeth Bryan as its chairman, effective 31 March 2016.

Bryan will succeed Brian Schwartz, who announced his intention to retire from the Board at the company’s annual general meeting in October 2015 after seven years as IAG chairman and 11 years on the IAG Board.

She was appointed as a director of IAG in December 2014 and as deputy chairman in June 2015.

In addition to her role at IAG, Bryan is chairman of Virgin Australia, a director of Westpac Banking Corporation, and president of YWCA NSW. She also chairs IAG’s People and Remuneration Committee and is a member of its Risk Committee and Nomination Committee.

Schwartz said: “I am honoured to have led IAG and I am pleased to have someone of Elizabeth’s calibre succeed me as chairman. Her depth of experience in leading some of Australia’s most successful companies will be extremely valuable to IAG and its management team. I know I am leaving the company in capable hands.”

Bryan added: “Brian has contributed significantly to the IAG that we see today, and to the iconic businesses which play a critical role in helping people and communities in times of need.

“Brian’s tenure has been characterised by transformative transactions that include the acquisition of AMI in New Zealand, Wesfarmers insurance underwriting business, and the strategic relationship with Berkshire Hathaway.

“I am proud to be chosen to fill his role and I look forward to working closely with my fellow directors and management to ensure the continued success of this great company.”