Prestige motor underwriting agency MB Insurance Group says MD Mike Mathews will retire next month and National Operations Manager Daniel McNamara, whose father formerly led the business, will take over the top role.

Mr Mathews, who has been in the insurance industry for 47 years, joined Sydney-based MB 19 years ago and has been MD for the past decade.

“The company continues to grow and is consistently profitable for our insurer partners,” Chairman Bob Lee said today. “Mike has been a key driver of this and Daniel will undoubtedly now put his own stamp on MB Insurance Group to continue its development.”

Mr McNamara began as an underwriter at MB in 2004 and has since moved into more senior roles with the business.

Plans for the group include related product diversification and potential expansion, while also remaining focussed on the core business of prestige motor.

Brian McNamara, Daniel’s father, joined the business in 1999 and was MD until his retirement in 2011. He remains a director on the board. Mr Mathews will also remain a director and shareholder.