Assetinsure CEO Gregor Pfitzer will resign at the end of the month after 17 years with the insurer, which included a difficult period due to the financial troubles of former owner CBL.

Martin McConnell, Head of Financial Risk Products, will take over as CEO from January 1, while Mr Pfitzer will assist during a transition period through February, when year-end processes will essentially be completed.

Assetinsure, acquired by Lombard Australia Holdings effective July last year, said the decision had been reached by mutual agreement and the board and shareholders had expressed gratitude to Mr Pfitzer for his dedication and achievements over many years.

“The company was a start-up in 2003 and the business had gone from strength to strength under his stewardship,” Assetinsure and Lombard Director Johnny Symmonds said today.

Mr Pfitzer started at Assetinsure as COO in 2003 and became CEO in 2013, according to his LinkedIn page.

Incoming CEO Mr McConnell has been with the company since 2011 and has been a member of the executive committee for nearly two years.

“After a great deal of reflection, I have come to the conclusion that it is time for Martin to take over and for me to move on,” Mr Pfitzer said.

“We have experienced turbulent times, but the situation has now stabilised to the point where I feel comfortable to make a change.”

The Assetinsure group was capitalised and managed independently from CBL, which bought the business in 2015, but still faced challenges caused by the parent group’s issues.

New Zealand-based CBL Corporation was placed into voluntary administration in February 2018 and then into liquidation in May last year.

Assetinsure’s specialities include surety, credit enhancement, buildings warranty, enthusiast motor, the Cover Genius program and landlord insurance.

The business reported a net profit of $5.4 million last calendar year, up from $3.8 million in the previous period.

Mr Pfitzer says he is yet to decide on his future plans.

“I still have some years ahead of me and the time to become involved in something else,” he said. “I am not exactly sure what that will be yet, but I am pursuing a few options.”