CGU Insurance is to undergo a major organisational restructure. The new arrangement, announced last night by MD Ian Balfe, has been prompted by the retirement of GM Personal Insurances Ian Duncan and the takeover in July of Fortis Australia.

Bob Wagstaffe, at present GM Commercial and Rural Insurances, will become GM Intermediary Business. He will manage all commercial lines, rural operations and intermediary-sourced personal lines business, as well as the company’s workers’ comp and professional risks operations and its joint ventures Associated Marine and National Transport.

Lou Power, the GM of high-performance subsidiary Swann Insurance, will become GM – Consumer Business. The new position will see Mr Power assume responsibility for the development of portfolios for financial institutions, which include ANZ, Westpac, St George, Bendigo Bank, Aussie Home Loans, CUSCAL/credit unions and Axa. He will also be responsible for other sources of personal lines business, associations, schemes and staff insurance, as well as the merged Swann/AIM Insurance and subsidiary Mutual Community.

Mr Power will be replaced at Swann by former Fortis executive Duncan Brain.

In other appointments announced internally yesterday, Jared King, Manager Corporate and Global, becomes Manager Intermediary Business; Victorian state executive Tony McRae becomes Manager Financial Institutions; and former Victorian State Executive Terry Wakefield returns to the role after a period running the company’s Victorian workers’ comp business. Former Fortis National Operations Manager (and ex-RACV Insurance GM) David Hurford has been appointed CGU’s Manager Claims.

The restructure will see the passing of two well-known figures from the insurance scene. Mr Duncan served 39 years with CGU, and will retire at the end of the month. Former Fortis executive Warren Lockett, who has been acting CEO of the company to manage the merger with CGU, will also retire when the job is completed. He has also worked in the industry for 39 years.