IAG Chairman Elizabeth Bryan will retire in October, with Director Tom Pockett to take on the role, the business says in a statement today.

The statement also announces other board changes including three new appointments and the retirement of Director Duncan Boyle as part of the insurer’s renewal process.

Former PwC partner David Armstrong and former Allianz Asia Pacific chief executive George Sartorel will start their director roles on September 1, with recently retired New Zealand Accident Compensation Corporation chief executive Scott Pickering to join on November 1.

IAG says their appointments are subject to regulatory approvals.

Mr Armstrong will become the new Chairman of the Audit Committee at the conclusion of the 2021 annual general meeting.

IAG says the new directors bring deep insurance and public company governance experience to their roles, and their skills will supplement those of the existing board members.

Ms Bryan says the board under her designated successor “will be a strong one that will combine a deep understanding of IAG and its Australian and New Zealand business with its new members’ deep insight into the developments taking place in the international general insurance market”.

Ms Bryan, who has led the board for six years, will step down on October 22 at the annual general meeting.

“IAG is a company I’ve been very honoured to be associated with,” she said.

“Nothing makes me prouder than when I witness the people and capital of IAG mobilising at short notice to help those affected by the many natural disasters we experience in this country and in New Zealand.

“Through its various businesses, IAG has been meeting this need for over 160 years and it is - and will continue to be - a vital part of both Australia’s and New Zealand’s financial and social infrastructure.”