NSW state insurer icare has appointed former Tower CEO Richard Harding as its new head, effective from Monday.

Mr Harding’s appointment follows the departure in August of John Nagle amid concerns raised over the performance of the insurer.

“Richard has an impeccable record in leading complex businesses in both the public and private sector and the board and I are very confident he brings the necessary mix of skills, experience and dedication to address icare’s challenges,” Chairman John Robertson said today.

Mr Harding, who returned to Australia last year after leading Auckland-based Tower since 2015, has more than 35 years’ financial services experience.

Previously, he led the Darwin-based Territory Insurance Office, Australia’s last government-owned commercial insurer and the nominal compulsory third party insurer for the Northern Territory. He also held positions with IAG including head of China and head of strategy and mergers and acquisitions.

NSW Treasurer Dominic Perrottet said last year a scheduled five-year review of the workers’ compensation scheme would be brought forward and expanded to include a “root and branch” examination of icare.

Mr Harding said he was looking forward to the new role and acknowledged the challenges icare had faced.

“There’s no doubt it’s been a turbulent time for icare and I look forward to working with the board and the executive to ensure we restore public confidence and deliver on key remediation activities,” he said.

“I’m heartened by the positive approach of the people of icare, who every day show their passion and dedication to their customers.”