Insurance Australia Group (IAG) has appointed Brian Schwartz as its new chairman, replacing long-serving chairman James Strong.

Mr Schwartz has been a director with IAG since 2005 and Deputy Chairman since November last year.

Mr Strong, one of Australia’s best known and respected business leaders, has been a director or chairman of IAG since 2001, seeing the group through some significant challenges, including the attempted takeover by QBE in 2008.

Mr Schwartz was until last year the CEO of Investec Bank Australia and is a former CEO of Ernst & Young Australia. He is also a non-executive director of Brambles Limited and Westfield.