AIG Australia CEO Noel Condon will step down next month after 35 years with the insurer.

As reported in a Breaking News bulletin on Friday, he departs on December 9 to be replaced by Fairfax Financial executive Nigel Fitzgerald.

Mr Condon was appointed in 2010 to head up AIG Australia, having held various senior roles within the group in his native Dublin as well as Hong Kong, Shanghai, Budapest, Auckland, Seoul, Tokyo, London and Brussels.

Mr Fitzgerald will report to Asia Pacific General Insurance CEO Sachin Shah, who says Australia is “an important part of our Asia Pacific region, and presents attractive opportunities for profitable growth”.

“Nigel has extensive insurance market experience and a proven track record of managing product mix, strong underwriting discipline and building sustainable profitable businesses,” he said.

A note to AIG staff from Mr Shah seen by insuranceNEWS.com.au says Mr Condon “will be retiring from AIG”. However, insuranceNEWS.com.au understands he has no plans to retire from the industry.

“Since 2010 he has led our Australian business through a period of significant change and growth,” Mr Shah says in the internal note.

“In each of his roles, Noel grew and developed our market presence, developed strong internal and external relationships and established capabilities that still serve us well today.”

Mr Fitzgerald was appointed Fairfax International Australasia CEO in January last year. Prior to that he was CEO of Advent Capital Holdings in London, and from 1999 to 2010 he held senior roles at Liberty International Underwriters.

He says he aims to “deliver differentiated value to our brokers and clients and make a meaningful impact in a dynamic Australian market”.