Australian and New Zealand Institute of Insurance and Finance (ANZIIF) CEO Joan Fitzpatrick will retire at the end of this year.

But Ms Fitzpatrick, who has held the position for the past 16 years, will be retained to consult on selected projects.

“It has been a wonderful time and a job that has been richly fulfilling and constantly stimulating,” she said.

Ms Fitzpatrick has been “an inspirational CEO and leader” and has delivered “fantastic results for the organisation”, ANZIIF President Tony Morgan says in a statement. “She has been responsible for major transformational change.”

Ms Fitzpatrick is also a director of the Victorian Managed Insurance Authority and is Chairman of the Australian Reinsurance Pool Corporation.

ANZIIF will begin the search for a new CEO immediately.