Much-loved former IAG and CGU employee Malcolm Freeman died on Thursday night following a short illness.

IAG CEO Australian Business Division Ben Bessell says Mr Freeman died peacefully with his family by his side.

“Our deepest sympathies are with Malcolm’s family, particularly his wife Jane and their children Simon and Amy,” Mr Bessell said.

Mr Freeman retired last September after “an outstanding career” of more than 35 years with IAG and predecessor companies Commercial Union and CGU.

“He was an exceptional insurance professional and a passionate, smart and generous man,” Mr Bessell said. “Malcolm was a good friend to many of us and today we are feeling a very real sense of loss.”

Mr Freeman began his career in Tasmania with T&G Insurance in 1978, which was later bought by Commercial Union, where he worked in the national underwriting room.

Former broker and friend Phil Jarvis has described Mr Freeman as “just a wonderful guy”.

“I’ll always remember Malcolm as a great guy, an honest man with a great sense of humour,” he told insuranceNEWS.com.au. “It’s a travesty that he’s passed so early in his retirement years.”

Mr Freeman’s roles at IAG included commercial insurance manager for Commercial Union Queensland, personal insurance manager for Commercial Union Asia, NSW state manager for workers’ compensation and GM of business partners.

He was a key player in establishing the CGU marine operation, and was responsible for leading the turnaround of the Business Partners unit by building strong relationships with financial institutions and affinity partners.

Most recently he led the successful integration of the Wesfarmers Insurance businesses acquired by IAG.