IAG has announced the retirement of Phillip Colebatch from its board. Chairman Brian Schwartz thanked the former Swiss Re executive for his contribution over almost six years, including stints on IAG’s audit, risk management and compliance committee and its nomination, remuneration and sustainability committee.

A replacement has yet not been announced, with IAG saying an international search is under way.

The group says the replacement director will complement “the evolving geographical scope of the group’s operations” – indicating an Asian-based director may be recruited to balance the mostly Australian and New Zealand-based board.