Zurich Australia CEO Tom Brown has announced his intention to retire on December 31. David Smith, who was recently appointed COO at Zurich, will be the new CEO.

Mr Smith is the former CEO of IAG NZ, who left the Auckland-based company in February to return to Sydney. Sunrise Exchange News broke the news of his appointment to Zurich on May 13, and suggested he would be a likely successor to Mr Brown.

Mr Brown has worked in the financial services industry for 35 years, much of it spent overseas. He took up the CEO’s post at Zurich Australia in July 2004.