IAG restructures; Lumley & Wesfarmers CEOs leave

Insurance Australia Group (IAG) has formed a commercial executive team following its acquisition of Wesfarmers earlier this year.

Reportedly, Lumley chief executive John Nagle and Wesfarmers Insurance Australian Underwriting chief executive officer (CEO) David Brown have stepped down.

IAG acquired Wesfarmers insurance underwriting operations, including the WFI and Lumley brands, in June. This has spurred a restructure by IAG, which is now divided into commercial, personal and enterprise divisions.

Peter Harmer, former CGU CEO, will head IAG’s new commercial division.

IAG had not responded to requests for a comment on this story at the time of publication.