Assetinsure has appointed Martin McConnell to take over as CEO from Gregor Pfitzer, who is leaving the company.

Mr McConnell, currently Head of Financial Risk Products, has been with the insurer since 2011 and has been a member of the executive committee for nearly two years. His appointment as CEO takes effect next month

Assetinsure, which was acquired by Lombard Australia Holdings in July last year, says the board and shareholders have expressed gratitude to Mr Pfitzer for his dedication and achievements over many years and the decision for change had been reached by mutual agreement

“After a great deal of reflection, I have come to the conclusion that it is time for Martin to take over and for me to move on,” Mr Pfitzer said last week.

“We have experienced turbulent times, but the situation has now stabilised to the point where I feel comfortable to make a change.”

Mr Pfitzer, who has held executive roles at the group since joining 17 years ago, will assist with a transition period through February.

“The company was a start-up in 2003 and the business has gone from strength to strength under his stewardship,” Assetinsure and Lombard Director Johnny Symmonds said last week.

The insurer was purchased by CBL in 2015 and later impacted by that company’s financial difficulties despite being separately capitalised and managed.

New Zealand-based CBL Corporation was placed into voluntary administration in February 2018 and then into liquidation in May last year.

Assetinsure reported a net profit of $5.4 million last calendar year, after it fell to $3.8 million in the previous period.