IAG selects new chief for AMI

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2 July 2012

IAG NZ has appointed Matthew Cody as GM of Christchurch-based insurer AMI.

Mr Cody has worked for AMI for 11 years, most recently as EM Information Support.

IAG NZ CEO Jacki Johnson says Mr Cody “has the passion, energy and drive that will be critical to AMI’s success”.

Christchurch-based AMI had large exposures in the city and surrounding region, suffering heavy claims losses that forced the Government to offer a $NZ500 million ($392.47 million) bailout.

AMI was New Zealand’s second-largest direct personal insurer, with 500,000 customers and 1.2 million policies. It writes about $NZ360 million ($282.58 million) in annual premiums.

Mr Cody’s appointment follows the retirement in April of CEO John Balmforth, who led the company for nearly 17 years. He stood down after IAG’s $NZ380 million ($292.28 million) takeover.