John Balmforth, CEO of Christchurch-based insurer AMI, retired from the company on Friday following IAG’s $380 million takeover.

Mr Balmforth says he plans to continue with non-executive commercial interests in New Zealand and abroad. These include chairing the International Co-operative and Mutual Insurance Federation.

Mr Balmforth was AMI’s CEO for nearly 17 years and led it through the devastating Christchurch earthquakes, when heavy claims losses forced the company to ask the Government for help. This resulted in a $NZ500 million ($393 million) bailout and the sale to IAG.

IAG intends to keep the AMI brand, and IAG NZ CEO Jacki Johnson says it is moving to appoint an EGM to lead the AMI business.