Weekend Update: A new major CEO, an Aussie market exit and a broker merger

Making the news this week, one of Australia’s biggest insurers announces a new CEO, a leading international player is set to exit the Australian market and a broker merger creates a new national presence.

Earlier this week, three brokerages from across Australia announced a merger that is set to create a national presence in the country with a focus on sharing resources in a bid to fuel growth.

An unexpected development later in the week saw IAG announce a new CEO for their business as Peter Harmer takes the reigns from Mike Wilkins and the new leader told Insurance Business of the future plans for the company.

Finally, Bermuda-based Axis Capital revealed that they are to wind down their retail business in Australia which will see the firm lose 100 jobs as the company looks to streamline and focus on profitable growth.