Peter Harmer has been appointed MD and CEO of IAG, replacing Mike Wilkins from November 16.

An announcement from IAG this morning says Mr Wilkins will retire from his present role but will remain in an executive capacity until March 31 next year “to ensure a smooth transition”.

Mr Wilkins has led IAG since May 2008, after joining as COO the previous November.

Mr Harmer, a former broker who held senior roles at Aon in Australia and the UK, joined IAG in 2010 as CEO of subsidiary insurer CGU. He was appointed CEO of IAG Labs in July.

IAG Chairman Brian Schwartz says Mr Harmer's track record in creating successful businesses and transforming cultures makes him the right person to lead IAG.

More details in our regular bulletin on Monday.