Insurance Australia Group (IAG) has appointed William McDonnell as its new chief financial officer (CFO), effective December 11, 2023, subject to regulatory approval.
McDonnell has over 25 years of global experience across insurance, finance, capital markets, risk, governance, and regulation.
McDonnell spent 15 years at Royal & Sun Alliance Insurance Group, where he was the group chief risk officer (CRO) for the last seven years – responsible for the group’s risk, including strategic, underwriting, financial, compliance, and assurance. He also held senior finance and capital roles within the group, including being the group director of financial reporting and control, and head of economic capital, corporate finance, and capital management.
McDonnell created and chaired Royal & Sun Alliance Insurance Group’s ESG Committee, was a founder member of the Bank of England’s Climate Financial Risk Forum, and a member of the University of Cambridge ClimateWise Council – a global network of leading insurance industry organisations. He also chaired the CRO Forum Emerging Risk Initiative, where he led its research into climate risks and insurability.
McDonnell will join IAG from the global governance body, the Integrity Council for the Voluntary Carbon Market (ICVCM), where he was the chief operating officer for two years. During his time with ICVCM, McDonnell helped the organisation to become the world’s standard-setter for carbon credits and oversaw the recent release of the Core Carbon Principles and rulebook.
IAG managing director and CEO Nick Hawkins welcomed McDonnell to the leadership team.
“William brings extensive experience in financial and capital markets to IAG and a deep understanding of regulatory environments, finance, risk, and climate risk,” Hawkins said. “In particular, his expertise in capital strategy and identifying trends and managing climate risk in a global context will play an important part in creating a stronger and more resilient company. I look forward to welcoming William to IAG.”
IAG’s current CFO, Michelle McPherson, announced her retirement in May 2023. She will remain with the company until the end of the calendar year.
