Insurance Council of New Zealand (ICNZ) President Ian Foy will step down today ahead of his return to the UK.

Current Vice President John Lyon, the CEO of Lumley NZ, is the new President and will be confirmed in the position at the council’s AGM in March. Southern Cross Travel Insurance CEO Craig Morrison has been appointed to fill the resulting vacancy on the board.

Mr Foy – who will now manage IAG’s troublesome UK business – has spent the past two years as CEO of IAG NZ. Prior to that he ran NZI for five years.

ICNZ CEO Chris Ryan told insuranceNEWS.com.au Mr Foy “has been a tremendous president during a time of huge change in regulation”.

“But the promotion of John Lyon to the presidency is very positive,” he said. “He is a very experienced commercial insurer, so I think we are very well placed at the moment.”