Former Territory Insurance Office (TIO) CEO Richard Harding will become CEO of New Zealand insurer Tower next month.

He replaces David Hancock, who is leaving after two years in the job.

Mr Harding left TIO after the NT Government sold it last December, with Allianz buying the insurance operation and People’s Choice Credit Union acquiring the banking arm.

He was previously IAG’s head of China from 2004-07 and IAG’s head of strategy and mergers and acquisitions.

Mr Harding will move to Auckland to take up the appointment on August 17.

In the past few years Tower has divested its life and health insurance businesses to focus on general insurance.