IAG has named Nick Hawkins as CEO following a recruitment process started after Peter Harmer said in April that he would retire by the end of the year.

Mr Hawkins joined IAG in 2001 and was CFO for 12 years before in April being named Deputy CEO as the search for a permanent successor to Mr Harmer was undertaken. He has also previously served as CEO for the insurer in New Zealand.

Prior to joining IAG, Mr Hawkins was a partner at KPMG, specialising in financial services and working at the firm’s Perth, London and Sydney offices.

“Nick has a deep understanding of both global and domestic general insurance along with operational and financial experience, and this will ensure a smooth transition for IAG,” Chairman Elizabeth Bryan said today.

Mr Harmer will be leaving IAG after five years as CEO, with Mr Hawkins taking over the top job on November 2.

“I am excited to lead IAG during its next phase of growth and ensure the company emerges from the economic downturn as a strong, resilient organisation,” he said.

“Insurance plays a fundamental role in our society and I’m proud to work for and lead a company that is truly purpose-led and customer-focused.”

CEO Australia Mark Milliner was also considered a strong internal candidate. Last month insuranceNEWS.com.au summed up IAG's challenge in selecting between the two.

More details in our bulletin this afternoon.