IAG names general manager of AMI

AMI Insurance building on the corner of Albert St and Wyndham St in central Auckland. Photo / Natalie Slade

AMI Insurance has named Matthew Cody as general manager following its acquisition by Insurance Australia Group.

Cody is currently AMI's executive manager information support. He will take up the new role on July 1.

IAG agreed to buy AMI for $380 million in December after the Canterbury earthquakes drained AMI's reserves and drove up reinsurance costs, leading to a government bailout.

Some, 18 per cent of AMIs exposure was in the Christchurch market, despite only 9 per cent of the countrys population living there. Christchurch had not been previously considered high risk for earthquakes, compared with other parts of New Zealand.