AMI Chief Executive to Retire

AMI Chief Executive to Retire

AMI Chief Executive John Balmforth has today announced he is retiring from the role he has held for nearly 17 years.

Insurance Australia Group Limited [IAG] earlier this month completed the acquisition of AMI’s insurance business.

John Balmforth says he elected to retire as the time is now right with good progress being made on integration. He has existing commitments in his role as Chairman of the International Cooperative and Mutual Insurance Federation from early May and so felt it more appropriate to make his retirement effective from 27 April 2012.

John Balmforth plans to continue with his non-executive commercial interests in New Zealand and offshore. John thanked his staff over the years for their incredible support and commitment particularly since the devastating Christchurch earthquakes.

“AMI staff from across the country, some of whom have their own earthquake situations to deal with, have done an outstanding job both professionally and with commitment to support the company’s response to the various earthquake events.

“AMI has been a significant contributor to communities throughout New Zealand over the years and that is one of the aspects of being Chief Executive for which I am most proud.

“Last year AMI was involved, nationally, with around 200 cultural, sporting and community activities. Many of those associations have extended well beyond ten years with the commitment of our staff being a key factor in the success of our community involvement programme. It has been AMI’s way of saying thank you to the communities that have supported our business,” Mr Balmforth said.

IAG Chief Executive Jacki Johnson praised the dedication shown by John during his 17 years at the helm of AMI.

“John has always maintained a strong focus on customers and the community. We have also appreciated the passion and commitment demonstrated through the sale and purchase process and the contribution John has made as we have welcomed AMI to the IAG family.

“We understand the reasons for his decision and accept the choice he has made.”

IAG will immediately start a process to identify and appoint an executive general manager to lead the AMI insurance business going forward.

ENDS

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